MCAG sells $255m share in Zig Inge Group

Macquarie Capital Alliance has sold its half share in the Zig Inge Group which runs 17 retirement villages in the eastern states.

The Macquarie Capital Alliance Group (MCAG) has sold its half share in the Zig Inge Group to the Retirement Villages Group at an enterprise value of $641 million. Its proceeds from the sale will be $255 million.

The agreement comes after MCAG and the Inge family launched a strategic review of the Zig Inge Group, with the outcome being that both parties would sell the entire business.

This decision follows the merger between MCAG-owned Retirement Care Australia and the Regis Group in July this year.

The Zig Inge Group runs 17 retirement villages across Victoria, Queensland, NSW and ACT, and has plans to develop eight more.

MCAG bought its stake in Zig Inge in October 2005 for nearly $101 million.

AAP

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