Processing timeline
32
days
Filed
10 Aug 2026
Decision Due
21 Sept 2026
Est decision date: 12 Sept 2026. Based on 90 decided Professional & Business Services notifications.
Acquirer(s)
AWARE SUPER PTY LIMITED ABN - 11 118 202 672
Target(s) or Vendor(s)
LENDLEASE CAPITAL SERVICES PTY LTD ABN - 67 000 001 114, LENDLEASE CAPITAL SERVICES RL LTD ABN - 47 615 893 288, Keyton Trust ABN - 44 349 706 307, KEYTON HOLDING PTY LIMITED ABN - 72 613 131 187
Other parties
OAK TREE HOLDINGS PTY LTD ABN - 59 161 180 230
Aware Super proposes to acquire an additional 25.1% of units and shares in Keyton from Lendlease Capital Services entities. This increases Aware Super's stake in Keyton, an owner and operator of over 65 Australian retirement villages, from 49.9% to 75%. AMAL Trustees Limited retains its 25% interest.
Aware Super Pty Limited as trustee of Aware Super (Aware) proposes to acquire an additional 25.1% of the issued units and issued shares in Keyton Trust and Keyton Holding Pty Limited respectively (together, Keyton) (the Acquisition). These units and shares are currently held by Lendlease Capital Services RL Ltd as trustee of the Lendlease Capital Services RL Holding Trust and Lendlease Capital Services Pty Ltd respectively. Aware currently holds 49.9% of the units and shares in Keyton. Upon completion of the Acquisition, Aware would hold 75% of the units and shares. AMAL Trustees Limited as trustee of the Viventi Investments Holding Trust (APG) is retaining its 25% interest in the units and shares in Keyton. Aware is an Australian profit-for-members superannuation fund with approximately 1.3 million members and $245 billion in funds under management. As an institutional investor, the fund manages a diversified global portfolio spanning equities, infrastructure, private equity and real estate. Aware's interests include a 100% stake in Oak Tree Holdings Pty Ltd (Oak Tree), an owner, developer and operator of retirement village accommodation. Keyton is an owner, developer and operator of retirement village accommodation across Australia. Keyton operates more than 65 retirement villages across the ACT, NSW, Queensland, South Australia and Victoria, housing more than 15,000 residents. Both Oak Tree and Keyton are active in the ownership, development, and operation of retirement villages in the following local areas: The Southern Highlands, NSW Newcastle and the Hunter Valley, NSW Southwest Brisbane, QLD The Sunshine Coast, QLD.
The ACCC has prepared a questionnaire on the Acquisition. Submissions or information in response to the questionnaire should be provided by 18 August 2026 via email to mergers@accc.gov.au with the title Submission re: Aware Super - Keyton. The ACCC’s ability to give detailed consideration to submissions received after this time may be limited.