The retirement village market in NZ is considerably healthier than Australia at present, as demonstrated by the just announced deal where the third largest private village operator Metlifecare will buy out two other operators Vision for $83M in stock and PLC for $123M in stock. Vision is owned by two private equity funds - Goldman Sachs and Arrow International. PLC is is owned by a subsidiary of Australias Retirement Villages Group (RVG) that is managed by FKP, the parent of AVEO. FKP also owns 21% of RVG and RVG is the majority shareholder in Metlifecare, who will now have 3,902 ILUs, up from 2,460. Complicated. The deal needs shareholder and Overseas Investment Approval the New Zealanders are more protective of its assets than Australia.
Community Living
Exclusive: Aveo to sell off its retirement villages in South Australia and Tasmania
Tony Randello, CEO of the nation’s leading retirement village provider, said the impending sale of its 16 retirement villages in South Australia and Tasmania “aligns with Aveo’s regular strategic review of opportunities across its portfolio”. The...
