Investment banks hired to sell RetireAustralia for more than $1 billion

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The sale of Australia’s fifth-largest retirement village operator RetireAustralia is now in the hands of investment banks Evans Dixon and Jarden Australia.

RetireAustralia, which is owned by Infratil and NZ Super, owns and operates 28 retirement villages in NSW, Queensland and South Australia, led by CEO Brett Robinson (pictured).

Brookfield, which paid $1.9 billion for Aveo in August 2019, has already sought details of RetireAustralia’s value, according to The Australian.

The sector is seen as attractive to investors thanks to Australia’s ageing population and the increased demand for its services brought on by the coronavirus pandemic.

Global investment firm EQT Infrastructure paid $987 million for Stockland’s Retirement Living and its 58 villages and 10 communities in development in February this year.

Stockland is the second largest retirement village operator, behind Lendlease, which in March sold a further 24.9% of its retirement village portfolio to Aware Super, Australia’s third biggest superannuation fund. Lendlease now has just a 25.1% stake in its 75 retirement villages.