Arvida to buy three Auckland facilities for $62 mln, raising new capital

Tue, 23 Jun 2015

By Paul McBeth June 24 (BusinessDesk) - Arvida Group, which operates 17 retirement villages across the country, will buy three facilities in Auckland for $62 million in cash and shares, and will raise new capital to help pay for the acquisition. The company will buy the Aria Bay, Aria Park and Aria Gardens villages in Auckland at a multiple of 8.4 times underlying earnings. It estimates the new villages will lift earnings per share by 12 percent in the 2016 financial year. Arvida will pay $29.7 million in cash and $6 million in shares at...

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