New Zealand’s Metlifecare negotiates NZ$1.25 billion debt financing and buys six more villages

Metlifecare, EQT’s ASX-listed former New Zealand retirement village operator, has raised NZ$1.25 billion ($1.19 billion) in a deal with Westpac and ANZ Banking Group, which includes refinancing $600 million of existing debt and securing $650 million. new debts.

The loan is the largest of its kind in New Zealand, topping a NZ$700m bid from rival aged care operator Summerset Group, and making Metlifecare, which owns and operates 26 retirement villages , the region’s first fully sustainably funded senior care business. debt.

Metlifecare’s loan means it will pay lower interest rates if it meets KPIs, which include decarbonization targets, six new facilities with six green stars and a six-fold increase in dementia care beds in five year. If he misses the KPIs, he will pay higher interest.

Metlifecare has signed a sale and purchase agreement to acquire six retirement villages from New Zealand charity The Selwyn Foundation. The transaction is subject to the approval of the Office of Foreign Investments, the Ministry of Health and the statutory supervisor.

“The acquisition significantly increases the weight of senior care in Metlifecare’s portfolio, with the provision of a full continuum of care at each of the six sites. It offers good geographic diversification, with the first Metlifecare sites in Wellington City, Cambridge and Whangarei, and it also offers significant potential for further development,” said Earl Gasparich, CEO of Metlifecare (pictured).

Comments are closed.