Infrastructure investor Infratil Limited (ASX:IFZ, NZE:IFT) and the New Zealand Superannuation Fund have inked a deal to buy RetireAustralia in a deal worth $640.2 million.
RetireAustralia is Australia's largest privately-held pure-play retirement operator with 28 villages across New South Wales, South Australia and Queensland.
Infratil CEO Marko Bogoievski says the asset provides a strong platform in an Australian sector offering very attractive long-term growth prospects.
RetireAustralia’s underlying earnings in the current financial year are forecast to reach between $35 million $40 million. The transaction is expected to settle by December 31, 2014.
Infratil reported a net profit of almost $400 million in the six months to the end of September 2014.
