After more than 30 years in the market, Australia’s second largest retirement village operator Lendlease Retirement Living has walked away from its long-held title, launching a new name and brand as the group looks to focus “100%” on its retirement living business.
Keyton has 75 retirement villages with more than 13,000 homes and over 17,000 residents across Australia and is jointly owned and operated under a trust structure by Aware Super (49.9%), APG Asset Management (25%) and Lendlease (25.1%).
You can check out their new website at keyton.com.au.
The new name and brand came out of consultation with staff about what it means to work for the village operator and reflects Keyton’s internal story of “leading with heart”, Chief Executive Officer, Nathan Cockerill, told The Weekly SOURCE.
“We make decisions from the heart in retirement living so that was critical to us as part of the cornerstone of our internal values.
“[For residents] their criteria for us was to make sure it was easy to pronounce and spell.
“We feel Keyton gives us both elements that we’re after.”
Lendlease holds only 25.1% of its Retirement Living business
The rebranding comes six years after Lendlease first introduced a capital partner into its Retirement Living business.
In 2017, the developer sold 25% of its retirement village portfolio to long-time partner Dutch pension fund APG for $450 million.
In 2021, Lendlease sold another 25% to Australian superannuation fund Aware Super for around $420 million, before the super fund increased its stake by another 24.9% in April 2022.
“We felt it was the right time to have our own identity in the market and build a brand that was 100% dedicated on retirement living,” said Nathan.
“We see this sector as a growing sector, as do the investors, and they’re supporting us to grow it at the end of the day and continue to invest in it. I think this is a great opportunity for us to stamp our mark on Keyton being a leading operator today and what that can be in the future.”
The question is: will Lendlease maintain its share in the business?
Read more about Keyton’s plans in next Tuesday’s SOURCE and SATURDAY.
