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NZ's Arvida snaps up Blackstone's Arena Living

NZs Arvida snaps up Blackstones Arena Living
Investment giant Blackstone has secured an exit for its New Zealand retirement village owner Arena Living, signing a NZ345 million sale to the listed Arvida Group. 

Analysts reckon it would’ve doubled its money, given the $NZ200 million-odd purchase price and debt funding available. Street Talk flagged strategic interest in the portfolio last week. 

Arvida had stockbrokers Jarden and Forsyth Barr pitching the $NZ330 million equity raising on Friday morning.

The deal was split into a $NZ155 million placement at $NZ1.96 a share and a $NZ175 million rights issue at $NZ1.85. Both parts of the raising were underwritten.

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