Australian property investment group FKP Property said it had
appointed Goldman Sachs to sell its 37.7 per cent stake in
NZX-listed retirement village operator, Metlifecare, as the
escrow period preventing parties involved in last year's
complex restructure nears its end.
FKP is the fund manager of Retirement Villages Group (RVG),
which has Retirement Villages NZ (RVNZ) as one of its
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 November 23,
"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," FKP
Proceeds from the transaction would be used to retire RVG
secured debt, leaving RVG as a debt-free wholesale fund.
RVG's Australian portfolio comprises 30 retirement villages,
with 3489 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
per cent equity interest in RVG. Shares in Metlifecare last
traded at $3.40, up six cents.