Social Infrastructure

MIRA funds sell stake in NZX-listed Oceania Healthcare

Sales of shares on Australian and New Zealand exchanges sees MIRA exit Oceania Healthcare completely, having listed the company via IPO in 2017.

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Several funds managed by Macquarie Infrastructure and Real Assets have sold their stakes in New Zealand-listed senior care provider Oceania Healthcare for a total consideration of NZ$301.4 million ($196 million; €178 million).

The funds sold their entire 40.94 percent share in Oceania Healthcare to a range of unnamed New Zealand and Australian institutional investors via a bookbuild process conducted on 30 January. A total of 251,202,979 ordinary shares sold at NZ$1.20 each.

The shares were held by Macquarie Global Infrastructure Fund II, Macquarie Global Infrastructure Fund III and Lombard Odier Macquarie Infrastructure Fund. The latter is a joint venture between Macquarie and Switzerland’s Lombard Odier Darier Hentsch that was established in 2007 to enable clients of the Swiss banking group to invest in infrastructure assets.

The sale marks the end of MIRA’s interest in Oceania Healthcare. It listed the company on both the Australian Securities Exchange and the New Zealand Stock Exchange in May 2017 via an initial public offering, which raised A$200 million ($135 million; €122 million) and valued Oceania Healthcare at A$471 million. The share price at the IPO was A$0.76 and MIRA did not sell any shares into the offer.

MIRA sold a stake of around 15 percent in a bookbuild in 2018. It holds no shares in the business after today’s sale. The 2020 bookbuild was underwritten by Craigs Investment Partners, Jarden Partners and Macquarie Securities.

Oceania Healthcare operates senior care facilities at more than 40 sites across New Zealand, including 25 retirement villages. It reported a half-year underlying net profit after tax of NZ$24.1 million for the six months ending 30 November 2019 – a 17.6 percent increase on the previous corresponding period – and had a 94.2 percent occupancy rate at centres not impacted by redevelopment.

Elsewhere in the country’s senior care sector, EQT Partners agreed to acquire 100 percent of NZX-listed Metlifecare, which owns and operates a portfolio of 25 retirement villages across New Zealand, for NZ$7 per share in December 2019, in a deal worth approximately NZ$1.5 billion.