Blackstone invests $150m in Australia retirement village developer
The Blackstone Group has invested $150 million in Australian retirement village developer National Lifestyle Villages (NLV).
According to a release, NLV is a greenfield developer of land-lease communities for the over-45s baby boomer and early retiree demographic. The business currently has nine communities in Western Australia and one in Victoria, comprising 1,800 residences housing about 2,700 people.
The business plans to raise its capacity to 3,100 homes housing 4,600 residents over the next few years, as existing communities are completed. NLV wants to develop to a further six communities of around 2,100 homes.
NLV claims to be responding into increased demand for land-lease communities as retirees release equity in their homes and move into secure gated communities.
"Blackstone's investment follows extensive due diligence and we look forward to providing our global knowledge, expertise, and capital to develop this emerging sector in Australia" said Kishore Moorjani, a Blackstone managing director who leads the firm's tactical opportunities group in Asia.
More on Real estate
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.