Cerberus-backed Lincoln Place to kick off $1b sale next month

Private equity-owned housing provider Lincoln Place will kick off a formal sales process before Easter, with a sale worth up to $1 billion to an existing operator or investor increasingly likely over a public share market listing, sources close to the eastern seaboard developer and operator of 26 land lease villages say.

Lincoln Place, backed by New York-based investment firm Cerberus Capital, focuses on what it described as an underserved mid-market of downsizing Baby Boomers – about 80 per cent of its customers qualify for means-tested Commonwealth Rent Assistance, compared with 50 per cent at a more premium operator such as ASX-listed Lifestyle Communities.