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.
Opinion
The guru of aged care: retirement living’s future is private aged care
The retirement sector is going to have to move into assisted living and ultimately private aged care. Baby Boomers, now aged 61-79 now, will demand it. With the funnelling of older Australians into residential aged care already hitting full...
