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Quadrant exits remaining stake in Summerset for $155M, reaping a total of $424M from sell down

Friday 18th October 2013

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Australia's Quadrant Private Equity sold down its remaining stake in New Zealand retirement operator and developer Summerset Group Holdings for $155 million.

QPE Funds Management, the Quadrant unit that held the stock, sold 50 million shares at $3.10 apiece to local institutions, according to a substantial shareholder notice filed with the stock exchange. Trading in the shares was halted today to let the sale proceed. They last traded at $3.14.

The final sell down means Quadrant has reaped about $424.4 million from a staged exit of its holding in Summerset, New Zealand's third-largest listed retirement village operator. Today was the third sell-down this year as Quadrant looked to realise cash from floating the retirement operator on the NZX in 2011.

Quadrant sold $83.6 million of shares into the initial public offer, which also raised $50 million of new capital, before two further sell-downs this year of $96.8 million and $89 million.

The Australian private equity firm completed its full takeover of Summerset in 2010, buying the 50 percent it didn't own from fund manager AMP Capital Investors New Zealand.

AMP Capital sold up after it failed to get the retirement village operator away in a public float in 2007. Quadrant came on board in 2008, investing A$90.5 million of an A$500 million private equity fund.

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