Warburg Pincus is reportedly considering selling Ingenia’s $1 billion holiday parks portfolio if its $2.1 billion bid to acquire the company succeeds. The New York-based private equity firm was advancing its buyout plans and, as of last weekend, was expected to have secured terms for exclusive due diligence on Ingenia. Discussions have taken place with potential buyers interested in the holiday parks segment, which could leave Warburg Pincus with Ingenia’s land lease retirement living platform.

Potential buyers for the holiday parks business include G’day Group and Tasman Holiday Parks, both of which have demonstrated strong interest. Ingenia recently disclosed that negotiations with these parties had made “considerable progress,” with a deal initially targeted for completion by October 23, a deadline which was subsequently extended. The company is now providing Warburg Pincus with “comprehensive” due diligence access while maintaining the option to pursue a separate acquisition of residential developer Peet if the private equity offer falls through. Ingenia has stated it has not yet determined that Warburg Pincus’s bid constitutes a superior proposal.

Ingenia shareholders have indicated a readiness to accept Warburg Pincus’s final offer of $5.25 per share. Nonetheless, opposition remains among some investors regarding the Peet transaction. Critics argue that acquiring Peet would increase Ingenia’s land holdings but also expose the company to a riskier earnings profile, particularly due to the more long-term nature of residential earnings in a high interest rate environment.

Meanwhile, the sale process for Lincoln Place, a prominent land lease communities operator, has progressed to a competitive second round. The sale, advised by Goldman Sachs, has attracted bidders including The Living Company, Stockland — advised by Jardine — Brookfield, and MA Financial. Initial interest also came from Chinese group Rafla, although reports differ on whether it remains active in the bidding process. Singapore’s sovereign wealth fund GIC may be partnering with one of the contenders.

Interested parties have been informed that to advance to the second round, bids must exceed $800 million, though sources suggest the seller is aiming for offers of $900 million or more. Lincoln Place was launched in 2018 by former Mirvac executives Nick Collishaw and Ben Hindmarsh, who retain minority stakes. The business operates through two entities: Cerberus Capital holds the majority share in the landholding company, while the founders maintain a majority stake in the operating company responsible for home sales, where Cerberus is a minority shareholder.

Lincoln Place currently manages 24 communities across New South Wales, the Australian Capital Territory, Queensland, and Victoria, with the largest concentration—13 communities—located in New South Wales.