PHOTO: METLIFECARE Poynton Green on Auckland’s Northshore is one of Metlifecare’s 25 villages in the North Island.
The $1.49 billion takeover of one of New Zealand’s large retirement village operators Metlifecare by a Swedish investor is likely to be terminated because of Covid-19.
Metlifecare has been told by the Swedish fund manager EQT that it is likely to terminate the takeover of the company because of the impact of Covid-19 on the retirement village business and its value and because Metlifecare did not consult with it or get its consent to decisions made in relation to the Government lockdown.
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Metlifecare said it would be taking legal advice on that. It owns and operates 25 villages in the North Island, home to 5600 residents.
”Metlifecare is taking legal advice on the APVG correspondence, but its initial view is that the assertions are without substance and that APVG does not have a lawful basis to terminate the SIA.(scheme implementation agreement).”
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