The sale of RetireAustralia, which owns and operates 28 retirement villages across Queensland, New South Wales and South Australia, is now in the hands of investment banks Evans Dixon and Jarden Australia.

RetireAustralia is owned by New Zealand-based infrastructure investment company Infratil and NZ Super, a sovereign wealth fund with NZ$60 billion in assets under management.

Brookfield, which paid $1.9 billion for Aveo in August 2019, has already sought details of RetireAustralia’s value, according to The Australian.

The sector is attractive to investors with Australia’s ageing population and the increased demand for its services brought on by the coronavirus pandemic. 

Swedish private equity firm EQT paid $987 million for Stockland’s Retirement Living, a leading provider of community living and support for over 10,000 seniors in February.

Stockland is the second largest retirement service provider, behind Lendlease, which in March sold a further 24.9% of its retirement village portfolio to Aware Super, Australia’s third biggest superannuation fund. Lendlease Lendlease now has just a 25.1% stake in its 75 retirement villages.

RetireAustralia has several capital projects taking place, including:

• The Verge at Burleigh Golf Club, at Miami, on Queensland’s Gold Coast, with a second stage being constructed. It will feature a separate health and wellness centre;
• The second stage of The Rise at Wood Glen on the NSW Central Coast will feature 34 luxury two- and three-bedroom independent living apartments. It will be built on the grounds of Wood Glen Retirement Village.
• The Green, in Tarragindi, 8km south of Brisbane’s CBD, will adjoin the new Tarragindi Bowls Club and club house. It will feature 94 independent living apartments.
• Final release of 12 independent living villas at the 260-home Forresters Beach Retirement Village, also on the NSW Centrfal Coast.
• An additional 70 assisted living apartments have been built at Glengara Care at Tumbi Umbi, also on the NSW Central Coast.
• Plans are advanced to rebuild the Caroline Chisholm Retirement Village at Lane Cove, on Sydney’s Lower North Shore.
• Marchese Partners has designed a Seniors Living project on the Fancutt’s tennis centre site in Lutwyche, Brisbane.