In the deal, Stockland also wins a development pipeline of 130 home sites.

Seven of the eight villages are within 20 kilometres of Adelaide; the eighth is at Victor Harbour, a popular retirement destination.

The portfolio is generating a Return On Assets above 7.5 per cent, the rate Stockland is aiming to achieve by FY19 for its overall portfolio.

This is a 180 degree change in strategic direction for Masonic Homes. In April 2012 they sold their four aged care facilities to ECH for $60M so that they could concentrate on becoming a national retirement village player.

They stated they would invest $200M over the next five years, both acquiring and developing villages. This sale ends this ambition.

Interestingly, in March last year, ECH sold all its aged care facilities so it could concentrate on seniors housing and in particular retirement villages.

Stockland will now have 9,500 village homes across 69 villages nationally.