Will Di Pilla put the nail in the coffin of Lendlease’s involvement in retirement living?
Tanarra Capital, founded by John Wylie AM, 12 months ago told Lendlease to get out of the retirement business altogether or hold less than a 10% stake
ASX-listed Lendlease only owns 25.1% of its business Retirement Living by Lendlease and a significant move by David Di Pilla’s HMC Capital may hasten its departure from the sector after more than 30 years. HMC Capital Partners Fund 1 has disclosed in an update that has bought a near 3% stake in Lendlease and becomes the latest to question Lendlease’s continued involvement in the retirement living sector. “We believe a more simplified business, with fewer moving parts, will reduce risk and allow management to focus on the core business – that is, delivery of the development pipeline and creation of product for the Investments business,” HMC said
“This could include reducing exposure to non-core segments such as communities and retirement, narrowing the scope of the low-margin construction business to focus on internal projects only and reviewing Lendlease’s presence in geographies where it may not have a competitive advantage.”
Tanarra Capital, founded by John Wylie AM, 12 months ago told Lendlease to get out of the retirement business altogether or hold less than a 10% stake.
