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ING & Symphony’s retirement village listing to proceed

Published 27 August 2007ING (NZ) Ltd, ING Australia Holdings Ltd & Symphony Investments RV Ltd said on Friday they expected to launch investment in their ING Real Living group in early September.

Shares in the $100 million IPO will be priced at $1 and offered on a partly paid basis, with 75c payable on application and 25c on 31 March 2009.

It will start with 2 retirement villages in Remuera & Epsom. A third, also in Remuera, is being considered for acquisition & development.

Nic Wevers, briefly chief executive of Blue Chip (NZ) Ltd after leaving Capital Properties NZ Ltd, then also briefly on the board of Kermadec Property Fund Ltd, began the developments through his private company but will become general manager of the new listed company’s manager. The manager will be owned by ING (NZ) & Symphony Investments RV.

Chairman of the group parent, ING Real Living (Holdings) Ltd, will be Peter Fitzsimmons, former chairman of Metlifecare Ltd. Mr Fitzsimmons is also a director of Counties Power Ltd, IKB Properties Ltd, Instant Finance NZ Ltd, Titan1 Ltd, Viranda Property Network Ltd & Workforce Development Ltd.

Forsyth Barr Ltd is the offer’s lead manager.  Want to comment? Click on The new BD Central Forum or email [email protected].

Attribution: Company statement, story written by Bob Dey for this website.

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