Summerset snaps up 3 new properties, lifts first-half underlying profit

Summerset's 1H net profit was down on lower fair value movement in investment property. (Image: Summerset)

Tue, 23 Aug 2022

Summerset Group has snapped up two new properties in New Zealand and one in Australia for more than $600 million as it continues to strengthen the portfolio.The NZ acquisitions are in Masterton (Wairarapa) and Rotorua (Bay of Plenty), while the Australian purchase is in Mernda (Victoria).The NZ sites will each offer more than 300 units and give Summerset enough secured land to more than double the size of its current NZ business.Mernda is Summerset’s sixth Australian site and offers the capacity to build approximately 1,700 units in Victo...

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