Thursday, 16 August 2018

Navis, Blackstone cash out in National Lifestyle Villages sale to Serenitas

Navis, Blackstone cash out in National Lifestyle Villages sale to Serenitas
23 May

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 Australia’s Tasman Capital Partners and Singapore’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, “but will ensure that NLV has a sustainable capital structure to enable its long-term success”.

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, NLV’s majority owner, will remain on after the sale as Serenitas’ sales and marketing executive, focusing initially on transferring NLV’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.

“John and NLV’s dedicated staff pioneered a better and more affordable retirement living option by offering residents a vibrant community centric lifestyle,” Mr Nicols said today.

“We look forward to building on this solid foundation.”

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.


« »


Related Articles