In May 2023, the bastion of the retirement sector was rebranded as Keyton and the following month, it was reported Lendlease had employed investment bank Gresham to sell its stake.
At the announcement of its FY24 financial result (a $1.5 billion annual loss), Chief Executive Tony Lombardo (pictured) said the sale of its retirement assets, including its retirement living community in China, were progressing “a little bit slower”.
In 2017, it sold 25% of Lendlease Retirement to Dutch pension fund APG for $450 million after more than 30 years of being at the forefront of the sector. Four years later, it sold another 25% to Sydney-based Aware Super for around $420 million, and another 24.9% for $490 million to Aware Super in April 2022.
Lendlease has increased its valuation of its stake in Keyton to $500 million.
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