Infratil, NZ Super Fund to sell RetireAustralia for $925m
Photo:
Supplied
Infratil and the New Zealand Superannuation Fund have made a deal to sell their 100 percent interest in RetireAustralia for just over $925 million.
The global real estate investment business, Invesco, will buy RetireAustralia, with Infratil expecting proceeds of about $328m for its 50 percent stake.
Infratil chief executive Jason Boyes said RetireAustralia was a quality business and in a strong position for future growth under Invesco's ownership.
"Since Infratil's initial investment in 2014, RetireAustralia has undergone significant change, including the appointment of new leadership, a refreshed strategy, and a strengthened development pipeline," Boyes said.
"Unfortunately, over the same period, the sector has faced a number of challenges, which have contributed to us not being able to fully realise our ambitions for the RetireAustralia business."
As at 31 March 2025, the carrying value of Infratil's investment in RetireAustralia was $404m, with the transaction expected to result in an accounting loss on the sale of about $80m.
"Although at a loss, the decision to sell RetireAustralia is consistent with the strategy outlined at our full-year result, where we indicated our intention to divest businesses unlikely to scale under our ownership to increase balance sheet flexibility for reinvestment," Boyes said.
"Further work toward
our $1 billion divestment target continues
."
The transaction was subject to the satisfaction of a limited number of conditions and expected to be completed by the end of the year.
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