REISA UNSW: Newsletter T2W10

Welcome to Term 2, Week 10 of 2025!

We hope everyone had a great term and is excited for the upcoming holidays!

If you are keen to continue learning more about the real estate investment world and want to be the first to hear about our events and opportunities, we strongly encourage you to like and follow the REISA UNSW Facebook and Instagram.

Warm regards,
REISA UNSW Team

Real Estate News

Retirement Living Giant Keyton Nears Ownership Shake-Up as Lendlease Prepares to Exit

Lendlease is closing in on the sale of its remaining 25% stake in Keyton, the $3.2 billion retirement village operator it spun out as part of a broader capital recycling strategy. With backing from heavyweight investors like Aware Super and APG, Keyton is one of Australia’s largest seniors living providers, managing around 13,500 units and targeting 20,000 as it pivots its focus to the eastern seaboard. The sale process—now in its third round—has attracted serious interest from major institutional players including AustralianSuper, Singapore’s GIC, student housing operator Scape, and Japan’s Nippon Steel Kowa Real Estate. The transaction is being steered by Gresham Partners, with binding offers expected within weeks.

While Lendlease eyes a cleaner balance sheet and a possible capital return to shareholders, Keyton is pushing ahead with plans to grow both organically and through acquisition, leveraging a development-ready pipeline and aiming to build 400 to 500 new units annually. The business is also refining its offering, moving into higher-end product through its Ardency brand and aligning with health precincts like the University of Wollongong. Meanwhile, Keyton is divesting its West Australian portfolio of 1600 units to sharpen its eastern states footprint. With strong demographic tailwinds, a low vacancy rate, and increasing investor appetite for alternative real estate, Keyton's next chapter is drawing keen attention across the institutional landscape.

Written by: Mukund Agrawal

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Real Estate Investment Student Association (REISA), is a student run society founded in 2023 with the objective of providing students with opportunities across all aspects of Real Estate Investment, including Private Equity, Advisory, Development, and Asset Management.

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