Lendlease last month sold a further 24.9% of its retirement village portfolio to the country’s third biggest superannuation fund Aware Super.

This reduced its equity to 25.1% in its 75 retirement villages, which will continue to operate under the Lendlease Retirement Living brand.

However, CEO Tony Lombardo (pictured) has been told by investment and advisory firm Tanarra Capital to get out of the retirement business altogether or hold less than a 10% stake.

This is one of seven points Tanarra Capital said Mr Lombardo had to make to boost Landlease’s share price from about $11 to around $25.

Tanarra Capital, founded by Principal John Wylie AM, states its “friendly” shareholder activism presentation against Lendlease is similar to the one it launched against Boral in late 2019, which resulted in Boral shareholders earning returns exceeding 70%.

Mr Lombardo told Nine Entertainment Tanarra’s suggestions are in line with the strategy he put forward in August last year.

“I think there’s been strong symmetry between what Tanarra has written and what we’re already doing, and what I’ve already discussed with other investors who just haven’t made those statements publicly.”