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Blackstone, Cindat Said to Bid for LendLease Senior Housing

  • Singapore’s GIC also submits offer for A$1 billion stake
  • Investors seek exposure to demand from aging population
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Blackstone Group LP and China’s Cindat Capital Management Ltd. are among bidders for a 50 percent stake in LendLease Group’s Australia senior housing business, which could fetch about A$1 billion ($757 million), people with knowledge of the matter said.

Singapore sovereign wealth fund GIC Pte also submitted an indicative offer by Tuesday’s deadline, said the people, who asked not to be identified because the information is private. Sydney-based LendLease, which has a $7.2 billion market value, aims to shortlist bidders in about a month, the people said.