Boyuan Holdings has confirmed the sale of a portfolio of the Broadlands Seniors and Lifestyle Living portfolio to real estate fund manager Lincoln Place for $64 million.
The assets comprise five NSW regional retirement communities, integrated leisure facilities and undeveloped lots at Tamworth, Green Point, Muswellbrook, Harrington and Armidale.
The Green Point property comprised 5.5ha of land and was sold for $36.9M. Tamworth comprised 9.6ha of land and sold for $10.9m. Proceeds from the sale will be used to repay third party loans.
BHL Deputy Chief Executive Officer Adam Pearce, said: “The divestment is consistent with BHL’s strategy to focus on our core property development and management operations in high‐growth corridors in Western and South Western Sydney"
Boyuan have 3 main development projects at various stages of development; Radford Park near Branxton (NSW), Oxley Ridge near Cobbity (NSW) and the Clydesdale Estate near Marsden Park. The group are also managing the delivery of a large site in Badgerys Creek.
Boyuan, was an offshoot of the Hong Kong-listed real estate company Jiayuan, and was listed on the ASX on October 28 with hopes of becoming a large property developer in Australia. Jianyuan Investment Limited holds approx 61% of the entity. The The Group listed at $0.22 per share and is currently trading at $0.08 per share.
Lincoln Place is a real estate fund manager, specialising in the creation, development, management and operation of active lifestyle retirement communities with existing assets in regional NSW communities.
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