This article is from the Australian Property Journal archive
LEND Lease has put in motion strategies to become a big force in the seniors retirement villages sector.
Yesterday, Lend Lease’s subsidiary company, Retirement by Design, bought the Lutanda Manor retirement village at Pennant Hills in Sydney’s north-west for $16 million. The village is currently managed by Lend Lease as part of the existing Retirement by Design portfolio.
Retirement by Design currently has a portfolio 15 retirement communities located throughout New South Wales, Victoria, South Australia and Queensland.
Lend Lease Retail & Communities’ chief executive David Hutton said the acquisition is consistent with Lend Lease’s broader strategy to expand the company’s presence within the growing senior living sector in key major urban growth markets.
“With 15 current villages, five of which are still under development, we are well positioned for further growth,” he added. “Lend Lease is aiming to become a leader in the development of new and innovative housing options for the senior living market,”
Hutton said the retirement sector in Australia has evolved into a significant asset class which has experienced major industry consolidation over the past few years.
He added that over the next 20 years, the population aged over 65 is forecast to be the fastest growing market segment in Australia increasing to 5.1 million people by 2026.
“Our focus on the retirement sector provides a great opportunity for Lend Lease to showcase its integrated skills and achieve growth by accessing acquisition opportunities through leveraging other core Lend Lease businesses such as masterplanned communities, apartments, retail, development, investment management and construction,” Hutton concluded.
Australian Property Journal
