After losing its name from retirement living after more than 30 years, Lendlease is reportedly, not unsurprisingly, looking to sell its final 25% stake in the new retirement village trust vehicle Keyton.
The listed multinational construction and real estate company real estate developer has employed investment bank Gresham to get a good price for its stake, according to The Australian.
In March last year, Australia’s third biggest superannuation business Aware Super bought an additional 24.9% interest from Lendlease’s retirement portfolio for $490 million. Aware Super had paid $460 million for a 25% interest in 2021. Equity firm APG bought 25% of Lendlease’s retirement business for $425 million in 2017.
Keyton comprises 75 villages across Australia. Lendlease’s Retirement Living Management Director Nathan Cockerill was announced CEO of Keyton when the new trust was announced and said it is targeting another 7,000 homes.
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