Blackstone Group LP said overnight that funds it manages had entered into a definitive agreement to acquire Lendlease Group’s portfolio of 5 retirement villages in New Zealand.
Blackstone didn’t disclose financial terms of the transaction, which it expected to close in several months following relevant regulatory approvals.
4 of the villages are in Auckland – the Knightsbridge, Mayfair (pictured) & Parklane on the North Shore and Peninsula Club at Whangaparaoa – and the other, Ocean Shores, is at Mt Maunganui.
ASX-listed Lendlease is an international property & infrastructure developer. It also owns 73 retirement villages around Australia.
Blackstone manages $US330 billion of assets. Its Tactical Opportunities business employs an opportunistic investment strategy across asset classes, industries & geographies: “The strategy seeks to capitalise on time-sensitive or non-traditional investment opportunities that are differentiated & difficult to source, analyse or execute.”
Attribution: Company release.