Stockland Limited
(ASX:SGP) has tied up the $75.8 million buy of a portfolio of eight retirement villages in South Australia.
The property developer announced the purchase from Masonic Homes about one month ago which is aimed at increasing its investment in retirement.
Under the transaction Stockland will acquire 980 homes with a development pipeline of at least 130 extra dwellings.
Stockland says South Australia is an excellent retirement living market with the highest penetration of over 65s living in retirement villages in the country.
Stockland reported a net profit of $462 million in the first half of the 2015 financial year.
