Retirement Villages Group (RVG) to sell its NZ interest of 38% of Metlifecare to retire $186M in debt
RVG is an investment fund first established by Aveo parent FKP together with Macquarie Bank pre GFC. RVG owns 30 retirement villages in Australia with 3,489 units all branded and managed by Aveo. RVGs New Zealand arm, RVNZ, owns 37.7% of...
RVG is an investment fund first established by Aveo parent FKP together with Macquarie Bank pre GFC. RVG owns 30 retirement villages in Australia with 3,489 units all branded and managed by Aveo. RVGs New Zealand arm, RVNZ, owns 37.7% of Metlifecare, NZs second largest village and care operator, with 3,880 units and 315 beds. RVNZ has now appointed Goldman Sachs to sell the shareholding which it expects will generate in excess of $186 million - which will retire all of RVGs Australian secured debt. FKP owns 22.63% of RVG. FKPs CEO Geoff Grady says This transaction will also enable management to expedite the transition of FKP to a pure retirement group.
Retired CEO of FKP, Peter Brown, remains Chairman of Metlifecare. See next story.
