Singapore’s sovereign-wealth fund GIC and a local joint venture partner have agreed to acquire private equity-backed business National Lifestyle Villages, according to sources.
A deal is understood to have been struck between GIC and its partner Tasman Capital under an entity known as Serenitas, which will look to make a series of acquisitions in the manufactured home estate sector.
Sources said the transaction for the bulk of Western Australia-based National Lifestyle’s business, eight villages and two in development, would see private equity house Navis exit the investment after several earlier attempts to sell the company stalled.
Real estate and private equity giant Blackstone is said to hold a slice of National Lifestyle’s debt.
PwC and Clifford Chance were working on the transaction for the Serenitas camp while its said KPMG, EY Australia and Freehills assisted Navis.
GIC has already proven a keen global acquirer in the retirement living industry.
Two years ago, GIC was among investors that took a majority stake in United States manufactured home community owner YES! Communities in a deal worth $US2 billion.
Serenitas founder Rob Nichols is a former Gateway executive. He started Tasman Lifestyle Continuum which was merged with Gateway about three years ago.
Tasman’s Chris Davies, formerly of Smartgroup, is also involved in the transaction.
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