It was in December last year when Lendlease and the diversified property group intending to dominate the over 50s’ land lease community sector announced a deal for the sale of 12 master planned communities, totalling about 27,600 lots, for $1.1 billion.
The deal, according to Stockland CEO - Development, Andrew Whitson, includes up to nine future land lease communities totalling 2,500 home sites. It was struck with Stockland’s property venture partner, Supalai, from Thailand.
The current SATURDAY subscription magazine revealed Stockland as the 7th largest operator but in development and pipeline, it is the major operator of seniors’ land lease lifestyle resorts, according to figures from land lease analysts Chadwick Property Valuers.
However, the ACCC (Australian Competition & Consumer Commission) has announced it has started an inquiry into Lendlease’s sale to Stockland and Supalai.
The ACCC’s investigation is focused on the impact of the proposed acquisition on competition and will look at the impact of the deal on the market for the acquisition of land for residential development.
It will also investigate whether the Stockland venture would have the ability and incentive to reduce the supply of residential housing in key growth corridors.
In addition it will investigate the extent to which alternative forms of housing are likely to constrain the Stockland venture from increasing prices or altering service levels.
How long the investigation will take by the ACCC is not clear.
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