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17/10/2012 09:37
ASSET
REL: 0937 HRS Metlifecare Limited
ASSET: MET: Sale of Nelson Village
Company Announcement
17 October 2012
METLIFECARE ANNOUNCES SALE OF NELSON VILLAGE
Metlifecare Limited has today announced the sale of its Oakwoods village in
Nelson.
The village has been sold for $29 million to a syndicate of South Island
investors, which includes the current village manager, Mr Steve Davis. Mr
Davis, winner of the Metlifecare Village Manager of the Year award 2012, will
continue in his role as the village manager and will take on the additional
responsibilities of being a syndicate manager following the sale.
The sale is in line with Metlifecare's portfolio rationalisation announced as
part of the company's merger with Vision Senior Living and Private Life Care
in July 2012.
Managing Director of Metlifecare, Mr Alan Edwards, said: "As communicated to
the market previously, it was important for Metlifecare to firstly reduce its
debt by a significant amount. This sale achieves that objective. Following
settlement of this transaction we can shift our focus to the development of
our existing greenfield and brownfield opportunities."
"We are pleased that Mr Davis will remain with the village and we are
confident that he will receive the full support of his staff at the village
and that the residents will continue to receive excellent service going
forward."
The sale is conditional only on satisfaction of procedural matters.
Settlement is expected on 30 November 2012.
ENDS
For more information, please contact:
Alan Edwards
Managing Director & CEO
Tel: 09-539-8000
About Metlifecare:
Metlifecare is a publicly listed aged care and retirement lifestyle company.
Established in 1986, the company has a proven track record of successfully
owning and managing retirement villages in New Zealand. Metlifecare currently
owns villages in prime locations in New Zealand, with most providing provide
a full continuum of care from independent villas and apartments through to
serviced apartments, rest homes and hospitals. www.metlifecare.co.nz
Released on behalf of Metlifecare by Jackie Ellis, spice communications group
tel 09 360 8500 or email [email protected]
End CA:00228534 For:MET Type:ASSET Time:2012-10-17 09:37:30
