Blackstone kicks $150m into NLV
US private equity group Blackstone will invest $150 million in WA's National Lifestyle Villages (NLV) as it looks to cash in on the growing need for housing for ageing baby boomers in the State.
NLV builds gated communities for the over-45s baby boomer and early retiree demographic with nine communities in WA and one in Victoria.
National Lifestyle Villages founder and managing director John Wood said the company was excited to have Blackstone as its financial partner, with the company's investment ranking as one of the largest single investments in the Australian industry to date.
"NLV's position as one of Australia's most significant players in this niche and fast-growing industry reflects years of experience and our ability to meet the growing demand for land-lease communities in our target markets," he said.
Kishore Moorjani, Blackstone's managing director of tactical opportunities in Asia, said the partnership with NLV represented an attractive and long-term opportunity to invest alongside a well-respected and successful Australian company.
"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," he said.
Mr Wood said land-lease communities had struck a significant chord with Australia's baby boomers and early retirees who wanted to release equity in their homes and live in secure and safe gated environments.
NLV's communities have more than 1800 residences that are home to about 2700 people, with this targeted to rise to 3100 homes and 4600 people as existing communities are completed over the next few years.
As part of its near-term expansion, NLV plans to develop another six communities of about 2100 homes.
"NLV continues to work closely with local and state governments who acknowledge that the land-lease model is a proven and privately-funded solution for Australia's ageing population as well as providing our community residents with impressive lifestyle advantages and benefits," Mr Wood said.
