Wednesday 17th February 2016
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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 and one in Mt Maunganui.
Last month The Australian newspaper reported the New Zealand portfolio was on the block, speculating it could sell for as much as A$100 million.
New York-based Blackstone owns the Burger King franchise in New Zealand, and manages more than US$330 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.
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