Levande owner lines up dual listing for Metlifecare
EQT-backed Metlifecare eyes $2bn dual listing
- IPO plans advance: Investor meetings underway ahead of listing
- Valuation target: $NZ2bn-plus dual ASX and NZX float
- Growth story: Portfolio expands from 25 to 40 villages
- Sector momentum: Strong capital inflows into retirement living
Asia Pacific Village Group, an entity owned by Swedish private equity firm EQT Infrastructure IV, acquired the New Zealand retirement village operator for $NZ1.3 billion in July 2020.
The Australian reported on 14 April that the Group has scheduled meetings with investors in the weeks ahead as it moves ahead with a $NZ2 billion-plus listing of Metlifecare, whose CEO is Earl Gasparich.
When Asia Pacific Village Group purchased Metlifecare nearly six years ago, the village operator had 25 retirement villages. Today, it lists 40, with another four announced. Expectations are that if the business was listed, it would have a $NZ2 billion-plus (AUD$1.66 billion-plus) valuation.
According to the report, the plan is to float the business on both the Australian Stock Exchange (ASX) and the New Zealand Stock Exchange (NZ), likely in the second half of the year, with advisers Macquarie Capital, Barrenjoey, Forsyth Barr and Jarden recruited.
The Australian reported that Asia Pacific Village Group remains committed to Metlifecare and is prepared to hold a stake for the long term.
Investor interest in retirement living continues to be high due to the ageing population in both Australia and New Zealand. RetireAustralia was acquired by Invesco Real Estate for $845 million in August 2025 while Aura Holdings announced that New York-based alternative investment firm Stonepeak had taken a 50% equity stake in the business in March this year.
If Metlifecare lists, it will join the $NZ2.1 billion-listed Ryman Healthcare and the $NZ2 billion-plus Summerset Group Holdings on the NZX.
