Summerset Grows New Zealand Portfolio with Two New Sites

NZX & ASX RELEASE

23 August 2023

SUMMERSET GROWS NEW ZEALAND PORTFOLIO WITH TWO NEW SITES

Summerset Group today announced the purchase of two new properties in New Zealand – Rolleston (Christchurch) and Mosgiel (Dunedin).

Summerset Chief Executive Scott Scoullar said it is pleasing to be able to strengthen our portfolio and secure these key sites in high demand locations.

“We’re pleased to continue to find quality sites to grow our business where we’ll be able to introduce more New Zealanders to our retirement village lifestyle. Both sites are well appointed with excellent amenities available to residents and make strong additions to our land bank.”

The announcement comes as the company released its half-year result showing an underlying profit of $87.2 million, up 5.7% on the same period last year.

The combined investment in the two sites will be in excess of $400 million.

Rolleston, is predicted by Statistics New Zealand to have the highest population growth in New Zealand over the next 30 years. Rolleston’s attractiveness is driven by its easy access to Christchurch, and position as the primary satellite town for the Selwyn District. The site is Summerset’s sixth in the Canterbury region.

The Mosgiel site is 15km west of Dunedin’s city centre and will complement the existing Dunedin village (Summerset at Bishopscourt). Offering access to a high level of amenities and recreational areas, the site is also within 3km of Mosgiel town centre’s vibrant shops, cafés, restaurants and monthly markets.

The new sites will each offer over 300 units and further boost Summerset’s land bank of units, the largest in New Zealand’s retirement village sector, and gives Summerset enough secured land to more than double the size of its current New Zealand business.

First deliveries from these sites are expected from FY26 onwards.

ENDS

For investor relations enquiries:
Will Wright
Chief Financial Officer
[email protected]
021 490 251

Louise McDonald
Senior Communications Advisor
[email protected]
021 246 3793

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Announcement PDF