Lendlease forging ahead on sell down of retirement living business – sales to start on first Chinese retirement village

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Australia’s largest village operator still seeks to divest 50% of its retirement villages to a capital partner.

Lendlease CEO Steve McCann (pictured above) confirmed the news at the company’s AGM last week, as he also flagged that the operator would launch sales at Ardor Gardens, its first retirement living project in Shanghai, in the next six weeks.

As we covered here in September, the property group has stated that it will sell off $1 billion-plus in assets – including 50% of its retirement living portfolio – as it looks to fund the expansion of its overall development pipeline from $30 billion to $113 billion by 2030.

Lendlease sold off 25% of its village assets to Dutch pension group APG in 2017.

Funds from any sale will be diverted to the group’s new developments including build-to-rent and mixed use as well as increasing capital to its funds management business.

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Lauren is the Editor at DCM Group and has guided its range of media including The Weekly SOURCE, The Daily RESOURCE and The Donaldson Sisters since 2016. With 13 years’ experience as a journalist, editor and commentator, Lauren is the only journalist to have attended every session of the Royal Commission into Aged Care Quality and Safety, producing 300 issues of the subscriber-only The Daily COMMISSION which offers exclusive insights and analysis of the issues surrounding the Royal Commission and the aged care sector.