Retirement sector struggling to keep lid on debt, analysts say

Summerset retirement village under construction in St John's, Auckland. (Image: Dean Purcell)

Thu, 18 Jul 2024

Debt in New Zealand’s retirement sector is ballooning as providers struggle to gain momentum after market conditions soured.A report by Jarden’s Arie Dekker and Vishal Bhula and released on Tuesday estimated that debt at the large operators – Ryman, Summerset, Arvida, Oceania and the formerly listed Metlifecare – has risen fivefold since 2017.“Debt funding has been relied on to support committed development activity through a period of challenging housing market conditions,” they said. “We view th...

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Property

Developer Kurt Gibbons buys Ryman’s Newtown site

The land was formerly the site of Wellington's Tip Top bread factory.

Gregor Thompson 10:30am

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