Aware Super, Australia's third largest fund, has paid $490 million for a further 24.9% of Lendlease’s Retirement Living Trust, taking its share of the business to 49.9%.
What the deal means
The acquisition announced last Thursday increases the Australian super fund’s ownership of Lendlease’s 75 retirement villages, its associated operating platform, as well as its development capabilities and retirement living development pipeline to 49.9%.
The Retirement Living business will continue to trade under the Lendlease Retirement Living brand.
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