The firm now owns 22.7 per cent of the NZX-listed company after selling a 14.2 per cent stake to local financial house First NZ Capital.
Quadrant invested in Summerset as part of a secondary buyout in April 2009, committing AUD90.559m from its 2007 vintage Quadrant Private Equity No. 2 vehicle.
Earlier this year the firm previously sold a 19 per cent stake in the company, offloading 40 million shares.
Summerset chairman Rob Campbell said, “The sale has been supported strongly by existing and new shareholders. Particularly pleasing is the support from a range of Australian institutional investors.”
Summerset listed on the NZX in 2011. Earlier this month Summerset said it will seek a listing on the ASX in response to increased interest from Australian investors.
Campbell added, “The retirement village and aged care sector now accounts for nearly eight per cent of the NZX50. As a result we have seen increased Australian investor interest in Summerset. Seeking an ASX listing will enable more Australian investors to participate in Summerset’s growth. The board believes that this will benefit all shareholders.”
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