Lend Lease bumps up BBC stakes again
The property group maintains it is adopting a “cautious approach” to investment after acquiring more of BBC.
Property investment group Lend Lease announced has reached an agreement with Babcock & Brown Communities (BBC) that will see it acquire a 41 per cent interest in the company and become its manager.
BBC is Australia’s second largest listed retirement sector and aged care owner and operator.
It operates 56 retirement villages and 29 aged care facilities throughout Australia and New Zealand.
Lend Lease purchased a 7.22 per cent stake in BBC in a strategic move to bolster its market position, earlier this year.
As part of the deal, Lend Lease will divest seven retirement villages and one aged care facility to BBC.
It also plans to carry out a review of BBC’s assets and operations.
The company’s CEO and Managing Director, Greg Clarke said Lend Lease sees the retirement market as a big opportunity.
“This transaction provides us with significant exposure to the sector through becoming the manager of, and major investor in, Australia’s leading pure-play operator,” said Mr Clarke.
He described the investment as “modest”, adding that Lend Lease would continue its “cautious approach to” investment.
