Blackstone buys New Zealand retirement villages

The US group acquired the properties from Lendlease.
Retirement home in Knightsbridge Village, New Zealand
Retirement home in Knightsbridge Village, New Zealand

Blackstone said on Wednesday that it plans to buy a retirement village portfolio in New Zealand from Australian property developer Lendlease.

The world’s biggest real estate investor said it has signed a definitive agreement to acquire the portfolio of five villages.

Four of the villages are in Auckland -- the Knightsbridge, Mayfair, Parklane, and Peninsula Club. Another is in Mt Maunganui and called Ocean Shores village.

The five villages employ 141 staff, comprise 1,000 residences, and are home to 1,200 people.

The financial terms of the transaction were not disclosed.

Blackstone intends for the business to be stand...

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