Diversified property giant Lendlease has sold a quarter of its retirement living business to Dutch pension fund investment manager APG Asset Management for an estimated $470 million.

The transaction covers all components of the retirement business, including ownership of the established retirement village portfolio, the operating platform and the business's development capabilities and pipeline, Lendlease said.

Lendlease's retirement village at Greenwich, Sydney.

Lendlease first mooted that it was "exploring the introduction of capital partners to help fund the growth of the business" in September.

The group has $1.738 billion invested in retirement ownership. With the forward pipeline of assets in development, the end value of the deal is around $470 million.