The property group, which on Monday announced the end of its decades-long international construction and development work, has again reaffirmed its stake in the retirement living operator that it once owned outright is on the market.
It is offering its 25.1% stake of the new brand Keyton for $400 million, which looks like a steal when compared to the prices it received when it began to withdraw from the sector. The figure is net of Lendlease's tax liability.
In 2017, it sold 25% of Lendlease Retirement to Dutch pension fund APG for $450 million.
Four years later, it sold another 25% to Sydney-based Aware Super for around $420 million, and another 24.9% for $490 million to Aware Super in April 2022.
For more than 30 years, Lendlease had been at the forefront of the Australian retirement living sector, owning and operating 75 retirement villages with more than 13,000 homes.
Lendlease’s Retirement Living Management Director Nathan Cockerill was announced CEO of Keyton when the new trust was announced in May 2023, stating it was targeting an additional 7,000 homes.
The Lendlease strategy update today confirmed that it is trying to sell Arbour Gardens, its first flagship senior living community in China.
Browse villages.com.au for the latest on Seniors Living including availability.
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