Metlifecare comes to agreement with ECT to buy its shares for $6 a share
Retirement village operator Metlifecare has come to a takeover agreement with Swedish firm EQT Infrastructure to buy all of its shares for $6 a share.
Metlifecare made the announcement to the NZX late on Friday afternoon.
The takeover had been at risk of collapsing in April after EQT said it was likely to terminate the sale because of the impact of Covid-19 on the retirement village business.
In April EQT Fund Management said Covid-19 had or was likely to reduce the value of Metlifecare by $100 million and its profits by at least 10 per cent in the 2020 and 2021 financial years and in the future.
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Wealthy Pandey family to spend $100m on major facelifts for several local hotels
The wealthy hotel-owning Pandey family plans to spend $100 million on major makeovers and upgrades of local hotels in its CPG Hotels group.
The family is one of the largest private owners of hotels in New Zealand. It owns 11 hotels in New Zealand and three in Fiji managed by Accor brands and owns 10 in the United States managed by various international brands.
Some of the projects here would be much bigger than others, such as two redevelopments in Auckland, underway, transforming two central city backpackers into “affordable” five-star hotels, and the overhaul of the Wains Hotel Dunedin, about halfway through, while others were big refurbishments like at the Picton Yacht Club Hotel, CPG Hotels group operations manager Ronnie Ronalde said.
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State of the art building technologies
The three-level walk up apartments contain 18 two-bedroom state homes, which are being delivered using off-site building technologies.
The project uses Cross Laminated Timber (CLT), a building system which Kāinga Ora, and formerly Housing New Zealand, has been among the first to adopt extensively in New Zealand.
CLT uses timber panels which are factory cut, transported and then lifted into place on site much like precast concrete panels. At Busby Street, further innovations are incorporated by using engineered light timber frame panels and pod bathrooms and laundries.
It is the first of a four-project Kāinga Ora research and development programme which will combine these technologies to enable the delivery of homes manufactured to a factory level quality.
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Auckland monthly housing update, July 2020
July highlights:
- 1367 dwellings were consented in May 2020.
- In the year ending May 2020, 14,489 dwellings were consented in the region.
- 40 per cent of new dwellings consented in May 2020 were houses, 28 per cent were apartments and 31 per cent were townhouses, flats, units, retirement village units, or other types of attached dwellings.
- 26 dwellings were consented on Kāinga Ora or Tāmaki Regeneration Company owned land in May 2020.
- 1291 dwellings consented in May 2020 were inside the RUB. Over the past 12 months, 94 per cent of new dwellings consented were inside the RUB.
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New Report on Auckland Port Relocation
The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue.
“That decision needs to be informed by policy analysis that is still to be completed. As a result it will be up to a future government to determine a preferred location,” say Transport Minister Phil Twyford and Associate Transport Minister Shane Jones.
Phil Twyford says this issue has significant fiscal, economic, social and environmental implications. “Because officials have been focused on COVID-19 response and recovery work they have not yet been able to provide advice on Sapere’s assessment of the benefits, costs, risks and uncertainties associated with the options.”
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