26 Nov '14, 3pm

BLACKSTONE Group LP is entering the factory-built housing market for retirees in Australia. Read more here

BLACKSTONE Group LP is entering the factory-built housing market for retirees in Australia. Read more here

BLACKSTONE Group LP, the biggest landlord of single-family homes in the US , is entering the factory-built housing market for retirees in Australia to tap an ageing population as traditional home prices soar. Blackstone agreed to invest A$150 million (S$167 million ) in National Lifestyle Villages Pty, which develops manufactured retirement communities, the Perth, Western Australia-based company said in a statement on Tuesday. There are opportunities to expand to other parts of Australia, said Kishore Moorjani, who leads New York-based Blackstone's Tactical Opportunities Group in Asia. "Given the demographic dynamic, there's significant growth here," Mr Moorjani said in a telephone interview from Perth. "It's a fragmented industry and there are a lot of opportunities to consolidate assets in this space." About 10 per cent of people live in these types of communities in the...

Full article: http://www.stproperty.sg/articles-property/overseas-prope...

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