October 24, 2013 / 9:33 PM / 4 years ago

NZ Superannuation Fund plans to buy 17 percent of Metlifecare

1 Min Read

WELLINGTON (Reuters) - New Zealand's Superannuation Fund said on Friday it had entered a conditional agreement to buy a 17 percent stake in retirement village operator Metlifecare (MET.NZ) for NZ$126 million ($105.11 million).

Under the agreement, the fund would buy shares for NZ$3.53 per share, and take the fund's total holding of the company to 19.9 percent.

The announcement follows a statement by New Zealand infrastructure investor Infratil Ltd (IFT.NZ) earlier in the day that it would buy a 19.9 percent stake in Metlifecare.

Australia's FKP Property Group FKP.AX is unloading all of its 37.7 percent holding in the retirement village operator. ($1 = 1.1988 New Zealand dollars)

Reporting by Naomi Tajitsu

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