Infratil, NZ fund buying RetireAustralia

Sydney

INFRATIL Ltd and New Zealand's sovereign wealth fund will buy retirement village operator RetireAustralia Ltd for A$640 million (S$688.6 million) amid rapid growth in the country's older population.

Infratil, which also owns bus services and the main airport in Wellington, and the New Zealand Superannuation Fund will each pay A$215 million for 50 per cent stakes in the takeover consortium, the companies said in a statement on Monday. The remaining A$211 million will be funded from RetireAustralia's existing debt.