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Report: Competition for Lendlease's A$1B portfolio strengthens

Lendlease Corp. Ltd.'s A$1 billion stake in its Australian retirement living portfolio is set to get offers from global property giants when bidding begins June 20, The Australian Financial Review's Street Talk reported.

Blackstone Group LP's real estate arm, GIC, Canada Pension Plan Investment Board and China-based Cindat Capital Management are among those understood to be drawing up indicative offers, the June 7 report said.

Lendlease's portfolio, of which 50% is there for the taking, included 12,433 units in 71 retirement villages as at 2016-end. The Australian retirement business has an average 8.6% increase in unit pricing on resales, the report added, citing the company.

Auctioneers Morgan Stanley and Gresham hope to close the sale by the end of September.

As of June 6, US$1 was equivalent to A$1.33.