Last Thursday Sydney based private equity firm Quadrant sold its remaining 49 million shares at $3.15 each in New Zealands Summerset retirement village operation, netting approximately $154M. This is on top of the 31 million shares it sold in May this year at $2.98, netting $89 million (total $243M). Summerset is just 14 years old and has 16 completed villages and six in development. 18 months ago their shares were valued at $1.70 meaning they have increased in price by 85% in that time. Quadrant has just finalised buying into Australian aged care with the purchase of Estia Health, which has 10 facilities across Melbourne, for a rumoured $175M.
ATO plans to charge GST on manufactured home parks scrapped
A concerted effort by the Residents Association of manufactured home parks has headed off the ATO which had planned to impose GST in mobile homes. This would have added 10% to the cost of the purchase of a home