Several years ago lendlease stopped separating out its Retirement results, instead lumping it into ‘Residential’.

However last week it gave a small glimpse, simply stating: “Average annual EBITDA in Retirement of circa $150 million per annum over last 3 years (FY13-FY15).

This profitability is double Aveo’s profitability. lendlease does not clarify the level of operational income compared to other ‘engineered’ income.