Aware Super to acquire 25% interest in Lendlease Retirement Living business

Lendlease today announced that one of Australia’s largest superannuation funds, Aware Super, had entered into an agreement to acquire a 25 percent interest in the group’s Retirement Living business.

“This investment aligns with our overall property strategy which has an increased focus on the residential — including affordable housing, multifamily and retirement living — and industrial sectors,” said Damian Graham, Aware Super CIO.

The Aware Super acquisition includes ownership of the retirement village portfolio and its associated operating platform, as well as its development capabilities and associated pipeline. The Retirement Living business will continue to operate under the Lendlease brand and the network of retirement villages will continue to be managed by Retirement Living.

Lendlease will hold a 50 percent interest in the Retirement Living business with Dutch pension asset manager APG Asset Management and Aware Super each holding a 25 percen