Infratil and NZ Super Fund Sell RetireAustralia for $925 Million

Infratil and the New Zealand Superannuation Fund have agreed to sell their entire stake in RetireAustralia for approximately $925 million. The buyer, global real estate investment firm Invesco, is set to acquire the 100 percent interest, with Infratil anticipating proceeds of around $328 million from its 50 percent share.

Jason Boyes, the chief executive of Infratil, expressed confidence in RetireAustralia’s future growth under Invesco’s management. He noted, “Since Infratil’s initial investment in 2014, RetireAustralia has undergone significant change, including the appointment of new leadership, a refreshed strategy, and a strengthened development pipeline.”

Despite these advancements, Boyes acknowledged that the retirement sector has encountered various challenges over the years. Consequently, these difficulties have hindered the ability to fully realize their ambitions for RetireAustralia. As of March 31, 2025, Infratil’s investment in RetireAustralia was valued at $404 million, suggesting that the transaction will result in an accounting loss of approximately $80 million.

In light of the sale, Boyes remarked, “Although at a loss, the decision to sell RetireAustralia is consistent with the strategy outlined at our full-year result, where we indicated our intention to divest businesses unlikely to scale under our ownership to increase balance sheet flexibility for reinvestment.” He added that progress continues toward their $1 billion divestment target.

The completion of the transaction is contingent upon satisfying a limited number of conditions and is expected to conclude by the end of the year. Both Infratil and the New Zealand Superannuation Fund view this divestment as a strategic move to refocus their portfolios while positioning RetireAustralia for new growth opportunities under Invesco’s leadership.