18 Nov 2014

Arvida vendors plan $80m float

2:48 pm on 18 November 2014

The vendors of the retirement village operator, Arvida, plan to raise up to $80 million from its float, less than the $100 million originally envisaged.

The float is designed to integrate 17 existing villages.

Arvida will have a much greater percentage of its assets devoted to aged care, 54 percent, which is more than the other listed retirement village operators.

Ryman, the biggest operator in that sector, has just over 34 percent, Summerset has just above 24 percent and Metlifecare has a little more than 9 percent.

Arvida chairman Peter Wilson said the company had a strong portfolio of properties.

"This is not a sell-down, so the vendor interests are going to remain a significant part of the venture and they'll hold some 60 percent of the equity post the IPO," he said.

"The funds that are being raised are really to pay-down debt and give the organisation some capacity to grow."

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