Australia’s largest village operator has sold the stake in its $1.7B retirement village portfolio to Dutch pension asset manager APG Asset Management N.V. – making it APG’s first investment in the retirement living sector in the Asia Pacific.

Lendlease began sounding out a partner for its retirement living business – which includes over 12,500 units across 71 villages – earlier this year as it looked to expand its services to more Australians.

Managing Director of Lendlease Retirement Living Tony Randello says they will now be able to grow their current pipeline of 200 new units a year to 500 years within three years – an impressive increase.

55 of their villages also don’t have co-located aged care, but Lendlease plans to build more aged care facilities on site to better meet the needs of residents as they age.