Fund manager Morrison & Co appears on track for another tidy payday.
Co appears on track for another tidy payday at dual-listed infrastructure vehicle Infratil, this time thanks to its investment in retirement villages group RetireAustralia.
Bidders were understood to include blue-chip industry players AustralianUnity and ASX-listed Lendlease, the latter of which has a now well-established retirement living venture with Aware Super and Dutch pension fund APG. For now, AusUnity, Lendlease and the other bidders are waiting on RetireAustralia’s board, owners and bankers to shortlist parties for the auction’s second and final stage.P are running the auction, and were said to have gone to some of the bidders for clarifications on their first round bids.
The ASX and NZX-listed Infratil, which owns 50 per cent of the holding company RA 2014 Pty Ltd, was carrying its investment at $NZ417.3 million at the end of March which was in line with an independent valuation at $363.1 million to $433.1 million.RetireAustralia’s owners are expected to shortlist bidders as early as this week, and seek to have a signed binding deal by the end of the year. The owners, Infratil and NZ Super, are seeking to sell out in full.
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