Michael Eggington of Lend Lease worked through Christmas to complete the surprise purchase of the five villages with 924 ILUs in the Retirement Alliance portfolio. Lend Lease had approached the major shareholders, the Omani governments Sovereign Fund and Goldman Sachs, in late November and a price was quickly achieved.
Eggington explained the villages, which include the 5 star The Classic Residences in Brighton (355 ILUs) and Menzies Malvern (125 ILUs), made sense as Lend Lease looks to segment the village market and have product in each attractive area. The other villages are Waverley Country Club (84 ILUs), Dee Why Gardens (237 ILUs) and Woodstock West (123 ILUs).
All village staff is being carried over. Retirement Alliance CEO and Deputy Chair of the Retirement Living Council, Stuart Nicolson, is staying on for the transition. This takes Lend Lease from 70 villages to 75 villages and approximately 13,250 ILUs.