Lendlease could sell another 25% of its retirement portfolio

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Lendlease may be selling off more of its retirement living assets following its AGM.

According to reports from News Corp, chairman Michael Ullmer (pictured) – who was re-elected at the meeting – said there could be a sell-down in Lendlease’s retirement living division, with “appetite in the market for another 25 per cent to be sold down”, according to Ullmer, though Lendlease would stay on as manager.

Lendlease is the country’s largest retirement village operator, with 13,001 homes across its 78 villages as of August, having achieved a 6.9 per cent resale rate across its portfolio in FY21.

The developer, however, retains only a 50 per cent share of its retirement portfolio after selling a 25 per cent share of the business to Dutch pension fund APG in 2017 and another 25 per cent to Aware Super in February this year.