Lincoln Place signed a non-binding term sheet to acquire Portfolio of Seniors and Lifestyle Living housing assets from Boyuan Holdings Limited (ASX:BHL) for AUD 64 million on July 16, 2020. The parties entered into an asset sale agreement on August 15, 2020. The assets comprise five NSW regional retirement communities, integrated leisure facilities and undeveloped lots at Tamworth, Green Point, Muswellbrook, Harrington and Armidale. Michael Rabey, previously Head of Seniors and Lifestyle Living, has been appointed to the newly created role of BHL Chief of Staff, in addition to Acting Head of Development.The transaction is subject to due diligence, regulatory and shareholders’ approval. The transaction is expected to close on September 11, 2020. The proceeds from the sale will be used to pay all current third-party loans related to the seniors and lifestyle living portfolio.