New Zealand Superannuation Fund, Auckland, and infrastructure company Infratil announced a joint purchase of RetireAustralia, an owner of senior housing units in Australia, said a NZ Super news release.
Terms of the agreement were A$640.2 million (US$522 million) with the NZ$27.1 billion (US$21.1 billion) NZ Superannuation Fund and Infratil providing total cash equity of A$214.8 million each. Existing bank debt on RetireAustralia will fund the balance.
Matt Whineray, chief investment officer of the NZ SuperAnnuation Fund, said in a telephone interview the retirement community market segment is one element of the broader demographic themes guiding NZ Super' investments.
Mr. Whineray said the investment in RetireAustralia follows on prior investments in NZ Super's home market, including taking a 20% stake in listed retirement village provider Metlifecare.