RetireAustralia is reportedly set to sell for around $850 million – well below the $1 billion-plus valuation placed on the business when it was first taken to market in March 2022.
The retirement village operator, jointly owned by Infratil and NZ Super, was taken off the market in December 2023 after a lift in profits. But in April 2024, the process was revived, with Jefferies Australia replacing previous advisors Jarden and E&P.
The Financial Review is reporting that the US investment management company Invesco is now in "advanced discussions" to buy RetireAustralia and its 29 retirement villages in NSW, Queensland and South Australia. Invesco already struck a 49.9% partnership with Stockland for 1,190 homes across three Stockland Halcyon communities in May last year.
RetireAustralia achieved an underlying profit of AUD$80 million in FY25 – up AUD$1 million on the prior year – supported by strong resales and village price increases. Portfolio occupancy was also high at 96.2%, with waitlists in 26 of its villages.
The operator has more than 750 units in its development pipeline, including 187 currently under construction across three active sites:
- Tarragal Glen in Erina, 81km north-northwest of Sydney;
- Carlyle Gardens in Bargara, 384km north of Brisbane; and
- Arcadia Retirement Living in Yeronga, a riverside suburb in Brisbane's south
Noah Wangh, Invesco’s Hong Kong-based head of acquisitions, is understood to be leading the transaction, with Singapore’s sovereign wealth fund GIC among potential co-investors.
The reported acquisition comes just two weeks after Aveo was sold to Scape Australia in a $3.85 billion deal.
