This article is from the Australian Property Journal archive
MALAYSIAN private equity group Navis and Blackstone have sold their investment in WA-based National Lifestyle Villages to a joint venture between Tasman Capital Partners and Singapore’s sovereign wealth fund GIC.
The price was undisclosed.
As part of the deal, National Lifestyle Villages will sell 10 gated communities which have 3,000 residents, to Serenitas, the JV company formed by Tasman Capital and GIC.
The sale ends Navis and Blackstone’s four-year $150 million investment in National Lifestyle Villages.
Blackstone is building up a momentum to cash in its investments in Australia. This week it also sold the Bendigo Bank headquarters at 80 Grenfell St in Adelaide’s CBD for $184.6 million.
This week, the US giant also put the Top Ryde centre in Sydney back on the market with an asking price of $700 million.
Last year Blackstone was forced to pull the plug on a proposed $3 billion retail portfolio sale due to uncertainty caused by the arrival of Amazon in Australia.
Meanwhile this is GIC’s second deal in a week, after acquiring 343 Albert St in Brisbane for $108 million.
Australian Property Journal
