This article is from the Australian Property Journal archive
FKP Property Group's Retirement Villages Group will sell its stake in Metlifecare Limited.
RVG has appointed Goldman Sachs to sell the fund’s 37.7% equity interest in listed New Zealand retirement village owner and operator Metlifecare Limited.
FKP CEO Geoff Grady said Goldman Sachs was appointed after a competitive process involving a number of investment banks ahead of the expiry of the escrow period for the 79.4 million shares on 23 November.
The final form of any transaction will be determined by RVNZ after discussions have been concluded with a range of parties including potential strategic and cornerstone investors.
The proceeds from this transaction will be used to retire RVG’s $186.3m of secured debt, leaving RVG as a debt free wholesale fund.
“It has been a protracted process, but through FKP’s active management, and in line with our stated strategy, RVG will be debt free and the fund will be able to fully concentrate on its substantial Australian portfolio.
“This transaction will also enable management to expedite the transition of FKP to a pure retirement group,” Grady said.
RVG’s Australian portfolio comprises 30 high-quality retirement villages, with 3,489 units in New South Wales and Victoria.
In addition to fund management services, FKP provides asset management services to all of RVG’s villages. FKP has a 22.63% equity interest in RVG.
Property Review
