Interim CEO of NLV and Adviser to Blackstone on A$240m sale to GIC backed Serenitas
Role / Corporate Adviser
Date / May 2018
Harvis Executives acted as Interim CEO and COO of private equity owned National Lifestyle Villages (NLV) and as exclusive adviser to Blackstone on the A$240 million sale to GIC-backed Serenitas.
Harvis was initially engaged for a 21-day pre-appointment review, during which it developed a board-approved turnaround and business revitalization plan for National Lifestyle Villages (NLV). The plan was necessitated by poor performance in a challenging real estate macro environment and a tired business model. It incorporated a full brand refresh and repositioning, simplification of the product offering, and a return to profitable margins from development and secondary home sales.
A key component of the Harvis strategic plan was Blackstone’s approval of an additional A$6 million injection to urgently fund essential repairs, maintenance, and capital improvements across the villages, ensuring the communities' sustainability and appeal.
NLV, comprising 3,000 residents across 2,000 homes, provided affordable housing solutions for seniors through the Australian Federal Government’s rental assistance scheme. Given the obvious sensitivities of the residents, being their housing security and affordability, the executive role undertaken by Harvis required a high degree of professionalism and sensitive communication of the revitalization plan, addressing the needs of the communities, which was key to ensuring the plan’s success.
With the successful execution of the plan, a global sale process targeting strategic operators and developers within the lifestyle village and retirement accommodation sector was initiated, led by NLV’s equity owner, Navis Capital. This resulted in the sale to Serenitas, backed by GIC, returning all of Blackstone’s capital at risk, along with the agreed securitization return.
Executing the plan with an uncompromising sense of urgency, the transaction was completed inside 9 months from start to finish, for the benefit of all stakeholders including the NLV communities and residents.
This A$240 million transaction underscores Harvis' ability to manage complex revitalizations, execute global sale processes, and deliver successful outcomes in high-stakes corporate transactions, even in difficult market conditions.