Acquires Remaining 49% of Summerset from AMP Capital

In April 2009, Quadrant acquired a 49% equity interest in Summerset Retirement Villages from AMP Capital Investors. Summerset is one of New Zealand’s leading operators of retirement villages and providers of aged care services. 

In April 2010, Quadrant acquired the remaining 49% interest in Summerset held by our JV partner, AMP Capital Investors (with the remaining 2% held by Summerset management). 

Quadrant has also recently contributed additional equity capital to fund Summerset’s continued growth strategy - developing new villages and care facilities across New Zealand. Since Quadrant’s investment in Summerset, the business has opened 2 new villages (at Warkworth and Hastings), a new aged care facility (in Manukau) and has also acquired additional land banks in Hamilton and Dunedin for future village developments. 

Please refer to www.summerset.co.nz for further information.