The builder and developer, which has been under shareholder pressure to sell its remaining 25.1% stake in the retirement village operator for at least three years, is reported to have received a handful of approaches to buy it, according to The Australian.
In August 2024, Lendlease increased its valuation of its 25.1% stake in Keyton to $500 million. Investment bank Gresham Partners was hired to sell its stake in June 2023.
The Australian "understands" Scape’s reported agreement to enter exclusive talks to buy Brookfield’s retirement living business Aveo for more than $3 billion has meant four or five parties interested in Aveo are now looking at Lendlease's stake in Keyton.
For more than 30 years, Lendlease had been at the forefront of the Australian retirement living sector, owning and operating 75 villages with more than 13,000 homes. In 2017, it sold 25% of Lendlease Retirement to Dutch pension fund APG for $450 million. Four years later, it sold another 25% to Sydney-based Aware Super for around $420 million, and another 24.9% for $490 million to Aware Super in April last year.
Student accommodation provider Scape, which The Weekly SOURCE revealed last Tuesday had formed a senior housing brand Living Co, is expected to announce its purchase of Aveo next month.
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