Lend Lease Group, Australia’s biggest property developer, has sold its portfolio of 30 aged care homes for $270 million to Australian Aged Care Partners which is controlled by the Sydney based funds manager, Archer Capital.

Lend Lease acquired the homes for a reported $170m when it bought Primelife in 2009.

Chief executive Steve McCann (pictured) said that as aged care is more aligned to health care, the unit was deemed non-core to Lend Lease.

“Lend Lease will use the sale proceeds to continue to deliver its core development pipeline in Australia.”

The sale is expected to be finalized by the end of March, the company said. Lend Lease shares rose 0.9 percent on the back of the announcement.

The company will continue to own and operate retirement villages.