Lend Lease finalizes the acquisition of huge village (498 ILU and 102 serviced apartments) from the receiver Ferrier Hodgson – the industry and residents applaud

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First announced before Christmas, another of the Prime Trust portfolio villages, Brentwood, was formally acquired this week by Lend Lease. Since Prime Trust collapsed post GFC virtually no sales have taken place at Brentwood, resulting in a rumoured 150+ ILUs falling vacant. Ex-residents and families have been unable to get their cash out because of the receivership, generating extreme distress, bad media coverage and legal proceedings. Because of its size and complexity Brentwood had the potential to be the first retirement village to actually collapse.
Residents cheered when it was formally announced Lend Lease had bought the village. They have had a good working relationship since Lend Lease took over management in 2009. The NSW Residents Association [the RVRA]President, Jan Pritchett, says it is a ‘fantastic result’.
Lend Lease Head of Retirement Living, Michael Eggington, has formally stated that Lend Lease will ensure that the rights and entitlements of residents and their families will be restored. This is likely to include settlement payouts to families, a significant financial commitment. Lend Lease has however secured 56ha estate in a mature residential precinct at a very, very good price. The Prime Trust financier was Members Equity Bank [MEB]. Few companies could match this project with the required balance sheet and village management expertise.
Lend Lease also owns the Henry Kendall village close by with 530 ILUs. All up Lend Lease has close to 13,000 ILUs plus 1,200 in development.