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Metlifecare agrees to sell Merivale village for $26 mln
Metlifecare agrees to sell Merivale village for $26 mln
Dec. 20 (BusinessDesk) - Metlifecare Ltd. agreed to sell its Merivale Retirement Village in Christchurch to a group of private South Island investors for $26 million, using the proceeds to repay debt.
The sale will leave the company with just one retirement village in the South Island, Oakwoods, in the Nelson suburb of Richmond.
“This sale allows us to retire debt and ensure the organisation is properly poised for growth that will undoubtedly come,” said chairman Charles MacDonald, in a statement. “The sale was at a fair market price, reflecting the latest 2010 company asset valuations.”
The investment syndicate is headed by Hillary Currie, who is listed as a director of Kate Sheppard Lifecare (2005) Ltd., the owner of the retirement village and hospital complex of the same name in the Christchurch suburb of New Brighton.
The deal is to settle on Feb. 14, Metlifecare said.
The shares last traded at $2.25, valuing Metlifecare at $276 million.
(BusinessDesk)
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