AMP Capital Investors has exited its retirement village joint venture with Meridien Retirement Living, after a strategic review of the business.
The joint venture with Meridien was established in 2007 and comprised 25 retirement villages in Australia.
But in April 2008, AMP Capital announced a strategic review of the business.
Meridien will now run the portfolio itself and has attracted $95 million from JP Morgan Global Special Opportunities Group to facilitate development and future growth of the business.
"Following four years in partnership with AMP Capital, we agreed it was time for us to move on," Meridien chairman Russell McCart said.
"I'm excited to have JP Morgan as a new partner, and we are confident in our business prospects and in the sector which continues to grow solidly in Australia," he said.
"We look forward to J.P.Morgan's contribution to our continued growth. We see plenty of opportunities in the sector," he said.
McCart said there had been no staff changes after the joint venture was dissolved.
"The current management team remains unchanged, and it will be life as usual for our many valued residents, whose well being and happiness are the major barometers of our success", McCart said.
