Aware Super has entered into an agreement to acquire a 25% interest in Lendlease’s retirement living business.
An announcement from the two firms said the acquisition included ownership of the retirement village portfolio and its associated operating platform, as well as its development capabilities and associated pipeline. The retirement living business would continue to operate under the Lendlease brand and the network of retirement villages will continue to be managed by retirement living.
Lendlease would hold a 50% interest in the retirement living business with Dutch pension asset manager, APG Asset Management, and Aware Super each holding a 25% interest.
Aware Super chief investment officer, Damian Graham, said: “Following the impacts of bushfires, drought and COVID-19, we have seen a strong uplift in Australians considering the safety, security and affordability of retirement living.
“This investment aligns with our overall property strategy which has an increased focus on the residential - including affordable housing, multi-family and retirement living – and industrial sectors.
“Investments such as this support Aware Super to do well for our members in terms of strong, sustainable, long-term returns while doing good in the communities where they live, work and retire.”