It is understood that Scape Australia – now rebranded as The Living Company – is the only bidder still seriously pursuing Keyton, Australia’s largest retirement village operator, whose minority stake held by Lendlease is up for sale.
As reported by The Weekly SOURCE on 20 October, majority shareholder Aware Super (49.9%) reportedly blocked Scape’s bid for Lendlease’s 25.1 % stake in Keyton – despite Scape offering the highest price. According to The Australian, Aware Super took issue with Scape’s intention to control Keyton’s management and apply a 0.5 % external management fee.
The sale process began in June 2023 when Lendlease tasked investment bank Gresham Partners to run the auction. While Scape has remained in contention, several high-profile potential buyers – including Singapore’s GIC (a major backer of Invesco, which acquired RetireAustralia for $845 million from Infratil and NZ Super), Japan’s Nippon Steel Kowa Real Estate, and AustralianSuper – have withdrawn.
Keyton itself is a substantial player: with 75 villages under its banner and a development pipeline that sees it targeting around 20,000 units. Its shareholders today are Aware Super (49.9%), Dutch pension fund APG Asset Management (25%) and Lendlease (25.1%).
Scape Australia’s acquisition of Aveo Group in June 2025 for AUD$3.85 billion – via The Living Company – adds context to its interest in Keyton. The group has publicly declared a target of reaching 100,000 housing units by 2030 across seniors living, student housing and Build to Rent.
Despite Scape being the last major bidder standing, the key question remains: what value does owning a 25.1% stake in Keyton truly deliver?
Sources say any serious acquisition would require scaling up to assume full control or merging the businesses – including the integration of Aveo and Keyton under the same platform.
Will Scape negotiate with Keyton’s other major shareholder, APG, or seek a broader restructure? Only time will tell.
