Lendlease’s 2023 annual report yesterday confirmed what The Weekly SOURCE has reported previously – it can’t wait to sell the remaining 25.1% of its interest in Keyton.
For more than 30 years, Lendlease has been at the forefront of the Australian retirement living sector. It has owned and operated 75 villages with more than 13,000 homes.
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 last year.
In May, Lendlease Retirement was rebranded as Keyton and the following month it was reported Lendlease had employed investment bank Gresham to sell its remaining stake.
The annual report confirmed that it was trying to sell or reduce its exposure to Keyton, to Arbour Gardens – its first flagship senior living community in China and its $1 billion book-price Communities.
The SOURCE: The sooner Lendlease sells out of retirement living, Keyton can expand more easily.
