New Retirement Villages in Auckland Deal Gets Green Light

The deal to re-develop the former Monterey Park area in Auckland as a group of retirement villages has been approved.

Level 30, 126 Phillip Street Sydney NSW 2000, Australia (prHWY.com) July 13, 2012 - Finally, it has been confirmed that The Summerset Group has received Overseas Investment Office approval to purchase a 7.6 hectare site in Hobsonville in Auckland.
The retirement village operator plans to build its 16th retirement village on the land, which is formally known as Monterey Park. This should bring in additional jobs for locals, not only during the construction and planning stages but also for on-going administration and care staff.
OIO approval has been needed because Summerset's major shareholder is the Australian Private Equity company; Quadrant Private Equity, which holds 56% of the company and makes the private equity firm the majority shareholder thereby classifying Summerset as an overseas investment.

Quadrant Private Equity was behind the successful initial public offering of Summerset last year and helped them get to their goal of being publicly listed company much sooner and at a higher level than they had first anticipated.

This comes in a long line of companies being able to solidify their market standing via Quadrant Private Equity's reputation for thorough due diligence, educated funding choices and determination to see local companies succeed. Fund raising and the creation of sustainable long term investment opportunities has seen Quadrant Private Equity become one of the premiere private equity firms in Australia who also seek to strengthen ties across the Tasman sea with New Zealand.

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Tag Words: private equity firms, private equity companies

Categories: Business

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