National Lifestyle Villages has struck a deal to sell its entire stable of residential villages as part of a buy-out that will see Malaysian private equity group Navis and global investor Blackstone cash out their investments in the WA group.
In a surprise announcement, NLV said today its 10 gated communities in WA would be sold to Serenitas, a newly formed, NSW-based management company backed by Australiaâ€™s Tasman Capital Partners and Singaporeâ€™s giant sovereign wealth fund, GIC.
The financial terms of the buy-out were not disclosed.
Serenitas said the purchase of the villages would not affect the financial arrangements of the 3000 NLV residents, â€śbut will ensure that NLV has a sustainable capital structure to enable its long-term successâ€ť.
Founded nearly 20 years ago by chief executive John Wood, NLV has combined modular homes with a land-lease investment model to develop residential communities targeting baby boomers and earlier retirees.
Mr Wood, NLVâ€™s majority owner, will remain on after the sale as Serenitasâ€™ sales and marketing executive, focusing initially on transferring NLVâ€™s business to Serenitas.
Serenitas is run by Rob Nichols, the founder of Tasman Lifestyle Continuum, which had 11 villages when it merged with Gateway Lifestyle three years ago.
â€śJohn and NLVâ€™s dedicated staff pioneered a better and more affordable retirement living option by offering residents a vibrant community centric lifestyle,â€ť Mr Nicols said today.
â€śWe look forward to building on this solid foundation.â€ť
Navis will quit NLV as part of the buyout, along with Blackstone, which struck a $150 million partnership with NLV four years ago.
Some of that cash was used to fund a partial exit by Navis at the time.