Lendlease has sold its remaining interest in the Keyton Retirement Living Trust.
Existing co-investor Aware Super will acquire Lendlease’s 25.1 percent interest for a consideration of A$525 million ($362 million), with net proceeds used to reduce group debt.
Aware Super already owns 49.9 percent of Keyton.
Keyton Retirement Living Trust is an Australian retirement living platform that owns and operates over-55 communities across the country.
Keyton has been part of Lendlease’s broader effort to simplify its portfolio and release capital, with the group using its Capital Release Unit to exit noncore positions.
The transaction brings the total of announced and completed capital recycling initiatives from the Capital Release Unit to A$3.4 billion ($2.4 billion).
