Quadrant sells 14.2pc of Summerset

An artist's impression of Summerset's new $80 million retirement village in Katikati - Summerset by the Sea. Photo / Supplied

Australia's Quadrant Private Equity (QPE) has sold 30.7 million shares, or 14.2 per cent, of Summerset, the retirement village company said.

Following the sale, Quadrant continues to hold 49.1 million shares, or 22.7 per cent, of the company, down from its previous holding of 37.4 per cent.

Summerset chairman, Rob Campbell, said the shares had been distributed to a range of Australian and New Zealand investors.

"The sale has been supported strongly by existing and new shareholders," he said in a statement.

"Particularly pleasing is the support from a range of Australian institutional investors," he said.

Trade in Summerset shares was put on hold while the transaction took place.

When normal trade resumed, Summerset shares were at $3.00 each, unchanged.

February marked the end of the escrow period which required Quadrant to keep its majority stake in the company following its partial sell-down and listing on the NZX in October, 2011. In March, Quadrant reduced its stake from 55.8 per cent to 37.4 per cent.

Quadrant Private Equity has A$1.5 billion of funds under management specifically dedicated for investing in private equity.

Summerset is the third largest operator and the second largest developer of retirement villages and aged care facilities in New Zealand.