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- Release Date: 15/04/13 10:59
- Summary: ASSET: SUM: Summerset Completes Due Diligence on Boulcott's Farm Site
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SUM
15/04/2013 08:59
ASSET
REL: 0859 HRS Summerset Group Holdings Limited
ASSET: SUM: Summerset Completes Due Diligence on Boulcott's Farm Site
NZX AND MEDIA RELEASE
15 APRIL 2013
SUMMERSET COMPLETES DUE DILIGENCE ON BOULCOTT'S FARM SITE
Retirement village developer and operator Summerset has completed its due
diligence in respect of the purchase of a section of land for a $100 million
retirement village in Lower Hutt.
The proposed village on a section of land to be acquired from the Boulcott's
Farm Heritage Golf Club will be the group's 20th retirement village site.
The contract to acquire the 3.3 hecatare site remains conditional on Overseas
Investment Office approval and issuance of title. These are expected to be
satisfied during 2013.
Summerset CEO Norah Barlow said "This is a very special piece of land,
centrally located and overlooking the Boulcott's Farm Heritage Golf course,
close to the Hutt Hospital and the Hutt Valley's main shopping precinct, and
located in one of the best suburbs in the Hutt Valley.
"Summerset has been working closely with the Golf Club for some time to be
able to achieve this. We look forward to working with the Council and the
community to bring this proposed village to fruition.
"Lower Hutt currently has few retirement village and aged care facilities
relative to other areas around New Zealand and this acquisition is consistent
with Summerset's continuing focus on areas with strong demand for high
quality retirement living.
"Summerset residents will be able to enjoy a very attractive outlook and
location. Summerset will offer a full continuum of care on the site
including independent villas and apartments, a village centre with
recreational facilities and a care centre offering rest home and hospital
level care."
Summerset upgraded its build rate target in November 2012 to 300 retirement
units per annum by 2015. The build rate of 300 retirement units per annum
represents 18% annual growth on Summerset's current portfolio of 1,646
retirement units.
ENDS
For investor relations enquiries:
Julian Cook
Chief Financial Officer
[email protected]
04 894 7310 or 029 894 7310
For media enquiries:
Tristan Saunders
General Manager, Sales and Marketing
[email protected]
04 894 7313 or 029 894 7313
End CA:00235172 For:SUM Type:ASSET Time:2013-04-15 08:59:10
