Stockland has agreed to sell its retirement living business to acquisition-hungry Swedish investor EQT Infrastructure for $987 million in a deal that allows the local developer and investor to focus on residential, office and logistics assets.

The jettisoning of the retirement living and new funding partnerships with Mitsubishi Estate in its land lease business and Ivanhoe Capital to develop its M_Park life sciences and technology precinct in Sydney were key planks of Stockland’s new strategy and would mean faster development of more productive assets, chief executive Tarun Gupta said.