Infrastructure investment company, Infratil (ASX:IFT), has confirmed the sale of its 19.91% stake in New Zealand retirement village provider, Metlifecare Ltd (ASX:MEQ), has completed.
Infratil sold its for NZ$237.9 million, generating an annual return of 15.5% over the 3.5 years it held shares in Metlifecare.
Last year, Infratil’s chief executive, Marko Bogiesvki, said he didn’t see the Metlifecare stake as a long-term investment, but was happy with its performance.
After the settlement of this transaction, Kevin Baker and William Smales (who are two Infratil director representatives on the Metlifecare board) resigned, effective immediately.
Shares in Infratil Limited last traded steady on 5th April at $2.68. $121.7 million.