SYDNEY--U.S.-based private-equity firm Blackstone Group LP (BX)
plans to invest 150 million Australian dollars (US$129 million)
into National Lifestyle Villages, a greenfield developer of
land-lease communities for over-45s and early retirees in Western
Australia state.
"Blackstone's investment follows extensive due diligence and we
look forward to providing our global knowledge, expertise, and
capital to develop this emerging sector in Australia," Kishore
Moorjani, a Blackstone Managing Director who leads the firm's
Tactical Opportunities Group in Asia, said Tuesday.
National Lifestyle Villages" communities have more than 1,800
residences that are home to about 2,700 people, with this targeted
to rise to 3,100 homes and 4,600 people as existing communities are
completed over the next few years. As part of its near-term
expansion, the company plans to develop a further six communities
of around 2,100 homes.
"We are very excited to have Blackstone as our financial
partner, with this investment ranking as one of the largest single
investments in the Australian industry to date," said John Wood,
founder and managing director of National Lifestyle Villages.
-Write to Rebecca Thurlow at rebecca.thurlow@wsj.com
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