Groundhog Day for retirement living giant Keyton
- Sale still alive: Lendlease confirms Keyton stake remains on the market
- Years in the making: Divestment process began in 2023
- $1bn target: Keyton sale part of broader capital recycling program
- Watch this space: Sector awaits movement on retirement living company
The long-running uncertainty surrounding the ownership of retirement village operator Keyton is continuing.
Diversified property developer Lendlease has confirmed it remains on the hunt for a buyer for its stake in the business.
In June 2023, the developer announced that it had asked investment bank Gresham to sell its remaining 25.1% stake in the village operator. Oak Tree Retirement Village owner Aware Super owns 49.9% of Keyton, while Dutch pension fund APG Asset Management holds 25%.
The following year in August, Lendlease increased its valuation of its stake in Keyton to $500 million and repeated that it wanted the investment sold.
In 2025, “market sources” reported that Aveo’s owner The Living Company, AustralianSuper and Singapore’s GIC were interested in the shareholding.
Bids were due by 2 October last year, but silence has followed.
Last Thursday (11 June), Lendlease named Nick O’Neil as its new Group Chief Executive Officer and Managing Director, effective 10 September 2026.
In the same FY26 Market Update, it confirmed that it “continues to progress several other major divestments representing ~ $1 billion of anticipated cash proceeds targeted to be received across FY26 and FY27, including the sale of the Keyton Retirement Living co-investment.”
“Lendlease continues to prioritise capital recycling to reduce net debt and simplify the business,” it added.
