Aware Super to acquire 25% interest in Lendlease Retirement Living business
- 18 Feb 2021
Lendlease is one of Australia’s largest owners, operators and developers of retirement villages with more than 30 years’ experience in the sector. Its portfolio comprises 75 retirement villages that are home to more than 16,000 residents across Australia.
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 per cent interest in the Retirement Living business with Dutch pension asset manager, APG Asset Management, and Aware Super each holding a 25 per cent interest.
Aware Super’s investment in the Retirement Living business extends an already strong relationship between the two organisations including the Lendlease Americas Residential Partnership that invests in urbanisation projects across Chicago, Boston, New York and Los Angeles.
Aware Super will acquire its 25 per cent interest in the Retirement Living business at book value1.
Quotes attributable to Lendlease Property Chief Executive Officer, Kylie Rampa
“We’re delighted to welcome Aware Super as a strategic partner to our Retirement Living business. We will continue to provide quality services and support to over 16,000 residents in our retirement villages across the country.
“As a leader in the retirement sector, we’re committed to maintaining our focus on supporting the needs of Australia’s ageing population.
“This transaction builds on our wider strategic partnership with Aware Super while further strengthening our Australian Retirement Living Joint Venture between Lendlease, APG Asset Management and now Aware Super.”
Quotes attributable to Aware Super Chief Investment Officer, Damian Graham
“We’re excited to be investing in the Lendlease Retirement Living business alongside experienced partners in this growing sector of the property market.
“Following the impacts of bushfires, drought and COVID-19, we have seen a strong uplift in Australians considering the safety, security and affordability of retirement living.
“This investment aligns with our overall property strategy which has an increased focus on the residential - including affordable housing, multi-family and retirement living – and industrial sectors.
“Investments such as this support Aware Super to do well for our members in terms of strong, sustainable, long-term returns while doing good in the communities where they live, work and retire.”
For more information
Jay Pleass
General Manager, External Affairs
+61 412 623 578
Di Lloyd
Senior Manager, External Affairs
Aware Super
Diana.lloyd@aware.com.au
+61 419 177 599
About Aware Super
Previously known as First State Super we changed our name to Aware Super in September 2020.
Aware Super is a name that reflects our members and what we stand for. It echoes the strengths of our past, aligning to our purpose to be a force for good in superannuation, retirement, and advice, driving better outcomes for our members, their families, and communities.
First State Super’s been the fund for people who value community since 1992, we’re now one of Australia’s largest funds and we’re continuing to grow. We merged with VicSuper this year and together we manage nearly $140 billion in savings for more than 1 million members located across the country.
Our members work in roles that breathe life into their communities and they expect us to do the same. So, we invest in assets that we believe will make a positive difference today - improving our communities, building a more a sustainable economy and supporting employment both locally and globally at the same time as providing strong long-term returns.
Discover how we’re helping members do well financially while doing good in the world: Visit www.aware.com.au
About Lendlease
Lendlease is a globally integrated real estate and investment group with core expertise in shaping cities and creating strong and connected communities. To learn more, visit www.lendlease.com
1 As at 31 December 2020