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Quadrant trims stake in New Zealand retirement village chain

  • Andrew Woodman
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Quadrant Private Equity is to reduce its stake in New Zealand retirement village operator Summerset. The Australian firm plans to divest around a third of its 56% holding in the NZX-listed company, equivalent to around 400 million shares.

The company has been placed on a two-day trading halt to enable the sell-down, which was agreed on Saturday. The sale is being conducted by UBS.

Quadrant will continue to be a significant shareholder in Summerset with a 37.2% stake, or 79.8 million shares. It will also continue with its current representation on the board. 

In a statement, Rob Campbell, chairman of Summerset, said the change in share ownership is another important step in the development of the company. "The board is pleased to have continuing support from Quadrant and welcomes new retail and institutional support as we address the many growth opportunities ahead of us," he said.

Trading is expected to recommence no later than Wednesday, March 20.

Quadrant originally acquired Summerset from AMP Capital Investors in 2007 following an abortive attempt to list the company a year earlier. Quadrant then went on to raise $99 million in October 2011, when it exited a 41% stake through an IPO, the largest the country had seen in two years.

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