Ryman Healthcare plans new NZ retirement villages

GENERAL

Fri, May 21 2021 08:31 am

MEDIA RELEASE May 21, 2021

Ryman Healthcare plans new retirement villages at Karaka and Cambridge

New villages worth a combined $350 million will free up homes and boost local economies

Ryman Healthcare has purchased new sites in Karaka and Cambridge to meet growing demand for retirement homes and care.

Ryman is New Zealand’s largest retirement village operator and its villages are home to more than 12,500 residents.

The new sites in Karaka and Cambridge will help meet growing demand for Ryman’s integrated living and care model.

Ryman villages offer a choice of independent and assisted living options as well as resthome, hospital and dementia care all on one site.

They also include beautiful gardens, indoor pools, cafes and movie theatres.

Both villages are in fast-growing areas where housing is in short supply. The villages will free up hundreds of homes in the local housing market.

“Our research shows South Auckland and the Waikato are both regions where demand for better retirement living and care are needed so we have been looking for possible sites for some time," Ryman Chief Development Officer Jeremy Moore said.

“We’re delighted to have secured these sites and we will design and build new villages that everyone can be proud of."

The Karaka property is on a large 10.4-hectare site on Hingaia Road and is 1.5km from Karaka village and 4km from the centre of Papakura.

It has views across the countryside to the Hunua Ranges and is well suited to a townhouse development and could eventually be home to more than 350 residents and worth $220 million.

The Cambridge site is on 8.6 hectares of rural land west of the town and is part of a larger residential development.

It could eventually be home to more than 320 residents and be worth $150 million when completed.

Ryman villages are named after significant people from the community and Mr Moore said naming suggestions for both sites were welcomed.

Other names include Sir Edmund Hillary, Dame Kiri Te Kanawa, Dame Malvina Major, Possum Bourne and Linda Jones.

About Ryman:
Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 41 retirement villages in New Zealand and Australia. Ryman villages are home to 12,500 residents, and the company employs 6,100 staff.

Contacts:
For investor relations information contact Michelle Perkins, Investor Relations Manager, on 027 222 9684 (+64 27 222 9684) or email [email protected]
For media information or images contact David King, Corporate Affairs Manager, on 021 499 602 (+64 21 499 602) or email [email protected]