Singapore’s GIC and local partner form joint venture to acquire WA’s National Lifestyle Villages

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The Singaporean sovereign wealth fund and its partner Tasman Capital have formed a new group Serenitas to acquire NLV’s eight villages and two in development for a confidential price.

Serenitas founder and CEO Rob Nichols says they are looking forward to bringing their “wealth of experience” in the sector to NLV.

Mr Nichols founded Tasman Lifestyle Continuum, growing it into Australia’s third-largest Manufactured Home Estate (MHE) operator with 11 villages before it was merged with Gateway Lifestyle.

Under the deal, local private equity firm Navis and the US-based private equity firm Blackstone – which earlier this year bought 80% of Latrobe Financial with its aged care loans business – will exit the investment, while NLV founder and director John Wood will become Serenitas’ national sales and marketing executive.

GIC was first rumoured to be looking at NLV in 2016, the same year it invested in the US’ ‘YES! Communities’ which owned 170 mobile parks.

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