Blackstone buys into NZ's retirement village sector
The transaction is expected to be completed in the coming months pending regulatory approval.
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Hawke’s Bay
US private equity firm Blackstone Group LP has bought Lendlease Group's portfolio of five retirement villages in New Zealand for an undisclosed sum.
The transaction is expected to be completed in the coming months pending regulatory approval, Blackstone said in a statement. The portfolio is made up of four villages in Auckland (the Knightsbridge, Mayfair, Parklane and Peninsula Club) and one in Mt Maunganui (Ocean Shores).
Last month The Australian newspaper reported the New Zealand portfolio was on the block, speculating it could sell for as much as $A100 million.
New York-based Blackstone owns the Burger King franchise in New Zealand, and manages more than $US330 billion in assets around the world.
The retirement village portfolio will be held by Blackstone's tactical operations unit, which specialises in non-traditional investment opportunities across asset classes, industries and geographies.
New Zealand's retirement village sector has been seen as an attractive investment opportunity as the baby boomer generation enters retirement age and underpins demand for aged care facilities and retirement living options.
(BusinessDesk)
Paul McBeth
Wed, 17 Feb 2016
Wed, 17 Feb 2016
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Blackstone buys into NZ's retirement village sector
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