Super funds behind Lendlease’s reported bid to buy RetireAustralia

Aware Super, the third biggest superannuation fund in Australia, is said to be funding Lendlease’s reported bid to buy RetireAustralia. RetireAustralia is the fifth biggest retirement village operator in the nation and has been put on the market by its owners Infratil and NZ Super with a likely asking price of about $1 billion. Lendlease in March sold a further 24.9% of its retirement village portfolio to Aware Super, reducing its equity to 25.1% in its 75 retirement villages. APG, one the world’s largest pension fund investors, which has a 25% stake in Lendlease’s Retirement Living, is also involved in the financing of the Lendlease purchase, according to the report by The Australian Bids for RetireAustralia, which owns and operates 28 retirement villages and has a development pipeline, are due towards the end of this month.