Arvida buys 6 retirement villages for $345m, raising $330m

Arvida is paying $345 million to buy the Arena Living portfolio of six retirement villages and will raise $330m of new equity to help pay for it.The acquisition will expand Arvida's portfolio by nearly a quarter.The purchase price excludes estimated transaction costs of $8m and estimated work-in-progress adjustments of $10m.The villages are in Auckland and Tauranga, and the purchase will provide development opportunities, including a new Mt Eden village.In total, the acquisition will add 648 villas, 340 apartments and 58 serviced apartments...