ING float still on

ING NZ is continuing with a planned $100 million float of its Auckland retirement village business, despite AMP Capital's decision last week to pull its Summerset sale.

The prospectus for ING Real Living Group's IPO is likely to be registered with the stock exchange early next month. Shares will be priced at $1, with 75c payable on application and 25c payable in March 2009.

The group, which owns retirement villages in Remuera and Epsom and is planning a third in Remuera, will be managed by a company owned by ING NZ and Symphony Investments.

The IPO will provide capital for expansion.