Lend Lease sells aged care homes

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The new private equity owners of 30 aged care homes across Australia say there will be no change to the level of care provided to residents.

Construction and development firm Lend Lease has sold its aged care business to private equity firm Archer Capital, as it narrows its focus to property and building.

Lend Lease acquired the aged care facilities, which house 2,338 beds, when it bought retirement home owner Primelife in 2009.

Australian Aged Care Partners, controlled by Archer Capital, has bought the centres for $270 million.

No changes will be made to the current management team of the overall business, or the employees at each of the facilities, ensuring residents continue to receive a high level of service and care, Archer Capital said.