Delfin acquired the additional interest from DCA Group Limited for AUD 22.1 million ($17 million). DCA Group retains a 15% interest in Retirement By Design and, under a preference agreement that was part of the transaction, DCA will be offered building sites at Retirement By Design properties for the development of residential healthcare facilities.

"Lend Lease Asia Pacific CEO Ross Taylor says the driving force behind the increased investment in Retirement By Design is the recognition of the baby boomer generation in Australia as a growth segment in the property market. Specific to Retirement By Design, Taylor says the company is a market leader in the development and management of retirement villages that has "recognized brand value … and a quality asset portfolio generating consistent earnings."

Australia experienced its highest baby boomer birth rate in 1947 with 24.1 births recorded for every 1,000 people. In 2002 the first of these baby boomers turned 55, the age at which legislation allows people to live in retirement estates. "The retirement housing market is experiencing the largest influx of people the industry has ever seen," says Taylor. "Over the next five years, one of our key priorities will be developing living options for over 55s within our communities."