lendlease has sold its five NZ retirement villages to New York global fund manager The Blackstone Group, which has $490 billion under management.

Kishmore Moorjani (pictured), their Singapore based senior managing director, stated “We are looking to unleash this business and make it a growth business, working with the villages we have and working with others”. They want to acquire another five in quick succession.

Blackstone states they are creating their retirement future under guidance from Todd Strathdee, a New Zealand lawyer who led ANZ Australia’s Private Wealth unit.

The relevance to the Australian market is Blackstone's purchase about 14 months ago for $150 million for the cash flow of National Lifestyle Communities, the pioneering W.A. based land lease communities operator. Strathdee is now Acting Chief Financial Officer there.

Several years ago Blackstone spent 18 months trying to negotiate the purchase of aged care (and village) operator Japara. They couldn't agree on the last $20 million of valuation.

Blackstone is known to be after more acquisitions in Australia as well.