- Lendlease Group (LLC) signs an agreement with Aware Super, one of Australia’s largest superannuation funds, to acquire an additional 24.9 per cent interest in the Lendlease Retirement Living Trust
- The agreement follows Aware Super’s purchase of an initial 25 per cent interest in the company in March last year
- The acquisition, for $490 million, includes ownership of the company’s retirement village portfolio and is expected to complete today
- Upon completion, Aware Super will hold a 49.9 per cent interest in the Lendlease Retirement Living Trust and Lendlease will hold a 25.1 per cent interest
- At market close, LLC shares are up 1.17 per cent trading at $11.20
Lendlease Group (LLC) says Aware Super, one of Australia’s largest superannuation funds, has signed an agreement to acquire an additional 24.9 per cent interest in the Lendlease Retirement Living Trust.
The agreement follows Aware Super’s purchase of an initial 25 per cent interest in the company in March last year.
The acquisition, for $490 million, includes ownership of the company’s retirement village portfolio, its associated operating platform and its development capabilities, and is expected to be completed today.
Upon completion, Aware Super will hold a 49.9 per cent interest in the Lendlease Retirement Living Trust, Lendlease will hold a 25.1 per cent interest and Dutch pension asset manager, APG Asset Management, will hold a 25 per cent interest.
Lendlease Global CEO Tony Lombardo said the acquisition “further cements the relationship between our two organisations”.
“Strategically, we flagged sometime ago our intent to further reduce our ownership of Retirement Living, consistent with our strategy to reallocate capital towards the delivery of our $112 billion development pipeline and grow our investments platform.”
Lendlease Retirement Living is one of Australia’s largest owners, operators and developers of retirement villages with more than 30 years’ experience in the sector. Its portfolio comprises 75 retirement villages that are home to approximately 17,000 residents across Australia.
At market close, LLC shares were up 1.17 per cent trading at $11.20.