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Lendlease returns to aged care sector

Retirement village operator and developer Lendlease will be returning to the aged care sector after it was announced it had received approval for over 700 bed licences.

Construction and infrastructure developer Lendlease has been awarded 756 bed licences in the most recent Aged Care Approvals Round (Source: Shutterstock)
Construction and infrastructure developer Lendlease has been awarded 756 bed licences in the most recent Aged Care Approvals Round (Source: Shutterstock)

Of the 637 applicants, Lendlease received the highest number of bed allocations in the most recent Aged Care Approvals Round (ACAR), receiving 756 of the 9,911 licences on offer.

Lendlease currently has 71 senior living communities in its portfolio and have created over 12,400 retirement living units. Currently, only 16 of their communities offer aged care services, but those services are not owned or operated by the company.

According to a Lendlease spokesperson, the company has previously indicated that it would be looking at a continuum of care within its existing retirement living villages.

“This announcement in relation to bed licenses is very exciting for our business as it underpins our strategy,” Lendlease says. “We will now push forward with our development plans and continue to explore opportunities to expand and refine our offering to benefit our residents.”

The newly acquired beds will be utilised across seven of Lendlease’s villages across Victoria, Queensland, New South Wales and the Australian Capital Territory.

Lendlease’s return to the sector is a surprise to many, after the company sold its aged care business, including 31 facilities, to private equity firm Archer Capital for $270 million in 2013.

It was reported at that time that the aged care business was not considered core to the businesses’ property focus and was more closely aligned with healthcare services.

Real estate investors from around the world are now bidding for a 50 percent stake in Lendlease’s Australian retirement living portfolio, estimated at around $1 billion.

Other big winners from the recent ACAR include Signature Care (previously Innovative Care) with 640, Aegis Aged Care Group with 328 and Regis Aged Care with 292.

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