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.