AMP to buy private retirement village operator

AMP Capital Investors intends to make a full takeover offer for the country's largest unlisted retirement village operator, Summerset Holdings.

AMP Capital Investors managing director Catherine Savage said the retirement care sector was a growth area.

"The purchase of Summerset allows AMP Capital to leverage off its diverse sector expertise across private equity, property and infrastructure. It also provides us with a strategic platform to be a significant player in the consolidation of the industry over time," she said.

A report in The Dominion Post today said AMP has already secured 59 per cent of Summerset, which was held by founder John O'Sullivan and Craig Thompson.

Summerset is based in Paraparaumu on the Kapiti Coast and has eight villages, with about 777 villas and apartments and about 330 beds.

It is also building two new villages and completing development on two existing villages. These works will add an extra 574 units and 73 beds.

Forsyth Barr is advising Summerset on the sale.

- NZPA