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. RVG’s New Zealand arm, RVNZ, owns 37.7% of Metlifecare, NZ’s 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 RVG’s Australian secured debt. FKP owns 22.63% of RVG. FKP’s 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.