Singaporean wealth fund GIC Pvt. Ltd.'s joint venture with Tasman Capital entered into an agreement to buy retirement village operator National Lifestyle Villages for an undisclosed amount, The Australian Financial Review reported, citing unnamed sources.
The Serenitas joint venture — which according to the publication is also targeting other opportunities in the manufactured home estate sector, a market that GIC and a partner transacted in through the 2016 acquisition of a 71% stake in Denver-based YES! Communities — was assisted by PwC and Clifford Chance.
The deal will see private equity firm Navis, as advised by KPMG, EY Australia and Freehills, exit its investment in the business, the May 23 report noted. Blackstone Group LP is also understood to have a significant stake in National Lifestyle, acquiring the interest in 2014. It was also targeted in an unsuccessful merger play by peer Gateway Lifestyle Group in 2017 for A$275 million.
Based in East Perth, Western Australia, National Lifestyle lists 10 villages on its website. It develops lifestyle communities for people above 45 years old.
