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GIC, Blackstone, Cindat said to bid for LendLease senior housing

Bloomberg Published on Wed, Jun 21, 2017 / 4:33 PM GMT+8

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SINGAPORE (June 21): Singapore sovereign wealth fund, GIC Blackstone Group LP and China’s Cindat Capital Management are among bidders for a 50% stake in LendLease Group’s Australia senior housing business, which could fetch about A$1 billion ($757 million), people with knowledge of the matter said.

Sydney-based LendLease, which has a US$7.2 billion ($10 billion) market value, aims to shortlist bidders in about a month, the people said.

Asian investors have been seeking exposure to retirement properties to take advantage of demand from aging populations around the world. The number of Australians aged 65 or above is expected to more than double to 8.7 million in 2056, from 3.7 million in 2016, according to data from Australian Institute of Health and Welfare.