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ING New Zealand is planning to float its Auckland retirement village business, the second in a month following AMP Capital's announcement in July it would sell 80 per cent of Summerset.
ING NZ, ING Australia and Symphony Investments said today they planned an initial public offering (IPO) of up to $100 million stapled shares in retirement village operator ING Real Living Group.
The business runs two retirement villages in the Auckland suburbs of Remuera and Epsom, and is considering buying another Remuera property for development.
The IPO, expected to be launched shortly, will provide capital for expansion, ING said.
Lead manager is Forsyth Barr.
- NZPA
