Last Thursday Sydney based private equity firm Quadrant sold its remaining 49 million shares at $3.15 each in New Zealands Summerset retirement village operation, netting approximately $154M. This is on top of the 31 million shares it sold in May this year at $2.98, netting $89 million (total $243M). Summerset is just 14 years old and has 16 completed villages and six in development. 18 months ago their shares were valued at $1.70 meaning they have increased in price by 85% in that time. Quadrant has just finalised buying into Australian aged care with the purchase of Estia Health, which has 10 facilities across Melbourne, for a rumoured $175M.
Government Policy
Aged care reforms likely to be delayed
Leaked documents obtained by media outlet Nine reveal the Government is considering delaying implementation of the new Aged Care Act, currently slated for implementation on 1 July 2024, until next year. The documents list the implementation date as...
