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- Retirement village operator and developer, Summerset Group (SNZ) boosts its Australian and New Zealand portfolio with the purchase of three new sites
- In New Zealand, one property is in Masterton and another is in Rotorua, while in Australia, the third property is in Mernda, Victoria
- All up, Summerset says its investment in the three sites will be in excess of $600 million
- The acquisitions come as the company releases its half-year results, reporting a 9.2-per-cent increase in underlying profit to $82.5 million compared to the same period last year
- Summerset shares last traded at $10.24 on August 22
Retirement village operator and developer Summerset Group (SNZ) has boosted its Australian and New Zealand portfolio with the purchase of three new sites.
The company has bought two properties in New Zealand and one in Australia.
In New Zealand, SNZ has secured one property in Masterton, the largest town in the Wairarapa region, and another property in Rotorua in the Bay of Plenty.
SNZ Chief Executive Scott Scoullar said by acquiring the site in Wairarapa, he expected the new village would draw residents from across the region, due to the “peaceful nature of the location and the local amenities”, which he said had become a “major drawcard for the region”.
The other NZ-based village is the company’s first in Rotorua and lies close to local amenities including golf clubs and the central business district.
In Australia, SNZ’s new village is in Mernda, Victoria, and brings the company’s total number of sites in the state to six.
Mernda is a growing suburban area and recently saw the development of a $500 million town centre. Summerset said significant population growth was expected in the region.
All up, SNZ said its investment in the three sites would be in excess of $600 million.
The purchases come as Summerset releases its half-year results for its 2022 financial year, reporting an underlying profit of $82.5 million — a 9.2 per cent increase on the same period last year.
The increase is despite disruptions due to the Omicron variant of COVID-19.
Mr Scoullar said the company dealt with the Omicron wave “exceptionally well”.
“It’s not just our village staff who have had to juggle the complexities of Omicron either: our building sites around the country have been impacted and yet we continue to be on track to meet our building targets,” he said.
Summerset shares last traded at $10.24 on August 22
