The Australian company, Quadrant Private, plans to divest around a third of its 56% holding (40 million shares) in the NZX-listed retirement village company Summerset. The sale is being conducted by UBS.

Quadrant originally acquired Summerset retirement villages from AMP Capital Investors in 2007. They will remain a significant shareholder and have said the company will continue its current representation on the board.

"The board is pleased to have continuing support from QPE [Quadrant],” said Summerset chairman Rob Campbell (pictured).