Navis, Blackstone to exit Australia's NLV to private equity JV

Financial details of the transaction have not been disclosed. Serenitas said NLV’s 3,000 current residents would not be affected by the purchase, which is aimed at providing the company with a sustainable capital structure to ensure long-term success.

NLV was founded in 1999 and operates nine villages on a land-lease model across three cities in Western Australia, with another under development. Its villages aim to provide residents with an active social life and community engagement, targeting the over-45 baby boomer and early retiree demographic; the average age of its residents is 65 years old.

According to AVCJ Research Navis invested in NLV in 2007, committing A$40 million (then $33 million) for a 40% stake. Blackstone invested A$150 million in 2014 for an undisclosed stake.

Serenitas CEO and Tasman chairman Rob Nichols has experience in the retirement community sector through Tasman Lifestyle Continuum, where he worked as founder and CEO from 2014 until its acquisition by Gateway Lifestyle Group in 2015. Following the acquisition, he served as COO of Gateway until December 2016.

Gateway was reportedly pursuing a buyout of NLV during Nichols’ tenure at a valuation of A$275 million, but the deal fell through last year. The Serenitas deal is said to have been agreed at a lower valuation.

Serenitas, envisioned as a platform for a series of mobile home parks in Australia, is part of GIC’s broader strategy around manufactured homes. In 2016 the sovereign wealth fund, as part of a consortium of investors, acquired a controlling stake in US-based Yes Communities, one of the country’s largest mobile home community operators.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• Buyouts
• Real estate
• Infrastructure
• Trade sale
• Australia
• GIC Private
• The Blackstone Group
• Navis Management
• Exit