The retirement village market in NZ is considerably healthier than Australia at present, as demonstrated by the just announced deal where the third largest private village operator Metlifecare will buy out two other operators Vision for $83M in stock and PLC for $123M in stock. Vision is owned by two private equity funds - Goldman Sachs and Arrow International. PLC is is owned by a subsidiary of Australias Retirement Villages Group (RVG) that is managed by FKP, the parent of AVEO. FKP also owns 21% of RVG and RVG is the majority shareholder in Metlifecare, who will now have 3,902 ILUs, up from 2,460. Complicated. The deal needs shareholder and Overseas Investment Approval the New Zealanders are more protective of its assets than Australia.
Does this pass the pub test? Direct aged care workers awarded wages rises of up to 13.5% by Fair Work Commission – but indirect care workers only given up to 6.8%
Workers across residential aged care and home care will receive wages rises between 3.2% and 13.5% after the Fair Work Commission (FWC) determined on Friday that their work has historically been undervalued. The Stage 3 decision in the long-running...