Blackstone plans factory homes for Aussie retirees

Sydney

BLACKSTONE Group LP, the biggest landlord of single-family homes in the US, is entering the factory-built housing market for retirees in Australia to tap an ageing population as traditional home prices soar.

Blackstone agreed to invest A$150 million (S$167 million) in National Lifestyle Villages Pty, which develops manufactured retirement communities, the Perth, Western Australia-based company said in a statement on Tuesday.

There are opportunities to expand to other parts of Australia, said Kishore Moorjani, who leads New York-based Blackstone's Tactical Opportunities Group in Asia. "Given the demographic dynamic, there's significant growth here," Mr Moorjani said in a telephone interview from Perth. "It's a fragmented industry and the…