Two of the sector’s private equity businesses reportedly want to buy RetireAustralia, the fifth-largest retirement village service provider in the country (28 villages).
European fund EQT, which bought Stockland’s 68 Retirement Living villages in February for $987M and NZ’s Metlifecare for NZ$1.3B, is one of the largest and most active investors in the retirement living and aged care space globally, with AUD$6.6 billion of investments to date internationally in the sector.
EQT, reported by The Australian, has joined global private equity business Brookfield, which bought Aveo’s retirement business in 2019, in looking to buy RetireAustralia, which is owned by Infratil and NZ Super Fund, which are looking to sell the Brisbane-based operator.
Brookfield, reported to be an underbidder for Stockland Retirement Living, is clearly keen to expand its interests in land lease developments.
RetireAustralia owns and operates 28 retirement villages, including Newling Gardens in Armidale, NSW (pictured), across Australia along with a development pipeline.
The Australian reported the sale will be finalised in about six weeks’ time through E&P Corporate Advisory and Jarden.
