In a remarkable demonstration of what can be achieved in the retirement village sector, not one but two New Zealand retirement village operators have been elevated to their stock exchanges benchmark NZX 50 Index. Summerset Group with a market cap of $475 million and Metlifecare with a value of $560 million were selected as being worthy of Top 50 ranking on the New Zealand stock exchange. This means that their businesses are sufficiently large and financially stable to replace the transnational food giant Goodman Fielder, with brands like Helgas and Vogel bread, White Wings and Praise, together with and NZ Refining, who were ejected.
Interestingly, it is Metlifecare that Aveo parent FKP has a significant interest in, and wants to emulate their business model and public listing with Aveo here in Australia.
Opinion
RIP: We are seeing the death of the family-run aged care operator
It feels like I am writing an obituary to family-run aged care facilities. Once the backbone of the sector, multi-generation operators are now selling out at a pace not seen before. The sell-off is accelerating, with three landmark deals in just two...
