Stockland (ASX:SGP) is understood to have hired Jarden to consider an acquisition of the $1 billion-plus Australian lifestyle communities business Serenitas Communities Pty Ltd. However, whether Stockland follows through remains to be seen. Buyer demand for real estate assets is weakening as debt becoming more expensive with asset prices set to slide. Sources say Stockland has been busy bedding down its earlier purchase of Halcyon and may still be preoccupied with that deal.

Stockland, led by Tarun Gupta, bought Halcyon for $620 million last year. It was considered a bullish price, demonstrating an appetite for land lease communities. Stockland is understood to have lined up to buy Serenitas with other suitors such as Hometown, Brookfield Asset Management Inc. (TSX:BAM.A) and Ingenia Communities Group (ASX:INA).

Sources say that there is a wide gap between the initial offers for the business, which is up for sale through investment bank Goldman Sachs, and the owner's expectations.