Aware Super is increasing its ownership of retirement village operator Keyton to 75 per cent after agreeing to acquire Lendlease’s 25.1 per cent interest, deepening its exposure to one of Australia’s fastest-growing property sectors.
The transaction will make the $245 billion profit-to-member superannuation fund the majority owner of Australia’s largest retirement village operator, which has 66 retirement villages and more than 15,000 residents nationwide. Dutch pension investor APG will retain its existing 25 per cent stake.
Aware Super first invested in Keyton in 2021 and 2022, with the latest acquisition reflecting the fund’s conviction that demand for retirement living will continue to grow as Australia’s population ages and housing supply remains constrained.
Aware’s head of property, Alek Misev, said the increased investment aligned with the fund’s long-term property strategy while supporting returns for members.
“Aware Super is pleased to increase our investment in Keyton Retirement Villages and deepen our commitment to the retirement living sector in Australia, delivering strong returns to our members.
“Increased ownership in Keyton reflects Aware Super’s strong belief in the business and our conviction in retirement living which aligns with the fund’s property strategy through exposure to long-term senior living demand backed by an aging demographic and a structurally undersupplied sector.”
Misev said Keyton’s scale and operating performance underpinned the fund’s decision to expand its investment.
“Keyton’s management team has a proven track record of strong and consistent performance, benefiting from a geographically diverse portfolio, strong occupancy rates, and a robust development pipeline that positions it well for sustained growth.”
The fund said it intends to continue supporting Keyton’s long-term strategy, operational performance and delivery of retirement living communities following completion of the transaction.
“Aware will continue to progress key strategic initiatives that support Keyton’s long-term strategy, operational performance and the ongoing delivery of high-quality retirement living.
“Aware Super looks forward to continuing to work with APG to support Keyton’s long-term success.”
Completion of the acquisition remains subject to customary conditions, including regulatory approvals, with the transaction expected to complete during the first half of the 2027 financial year.
