Pacific Equity Partners has agreed terms to acquire lifestyle communities business Serenitas, put up for sale by investment bank Goldman Sachs earlier this year.
Sources said PEP has partnered with ASX-listed Mirvac Group to buy the business, which comprises a portfolio of lifestyle communities around the country, including the Western Australian National Lifestyle Villages brand, Thyme Lifestyle Resorts and National Lifestyle Villages.It is understood the sale price is $1 billion. Rothschild and Herbert Smith Freehills are on the tools for PEP, while law firm Baker McKenzie is working for Serenitas, alongside Goldman.
That raise, which initially targeted $1 billion, capitalised on the tearaway success of PEP’s first secure assets fund, thanks to dream dealand remote power outfit Zenith Energy – its second iteration was expected to cast the net wider and also look at transport and logistics, waste, data and telecommunications, and social and agricultural infrastructure.