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Advised by New Zealand’s leading law firm, Oceania Healthcare (Oceania) has successfully raised $100m to fund the acquisition of a premium Auckland retirement village, Waterford at Hobsonville Point and its currently leased Franklin site and adjacent land for development.
The Waterford complex comprises 64 independent living villas and 36 independent living apartments. Collectively, the acquisitions add 275 units to the company’s development pipeline, lift earnings, and open up opportunities in fast-growing areas which currently have low levels of aged care services.
Chapman Tripp advised Oceania on all aspects of the capital raise, as well as the acquisition of the Waterford retirement village.
The capital raise totalled $100m, including an underwritten placement of $80m, with existing institutional shareholders strongly supporting the capital raise and new institutions also buying stakes. The follow-on retail offer of $20m also had strong demand, with oversubscriptions of almost $30m.
Roger Wallis, lead partner on the deal said:
The level of interest in the capital raise is indicative of the support in the market for high quality NZX-listed companies, as well as an endorsement of the Oceania board and management team and these attractive acquisition opportunities.
Anna Thorburn, Oceania General Counsel said, “The Chapman Tripp team’s assistance with the capital raise in a tight timeframe was invaluable and helped achieve an extremely successful outcome for Oceania. We are very excited about this transaction as part of the growth of our business. These acquisitions strengthen Oceania’s development pipeline and provide future earnings growth potential for the business.”
Wallis was supported by Chapman Tripp Senior Associate Alex Franks, and Solicitors Liam Stoneley, Sarah Matthews and Laura Murton.