Ann: ASSET: SUM: Summerset Investing Nearly $200m

• Release Date: 18/12/13 11:26
• Summary: ASSET: SUM: Summerset Investing Nearly $200m at Two Christchurch Sites
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					SUM
18/12/2013 09:26
ASSET

REL: 0926 HRS Summerset Group Holdings Limited

ASSET: SUM: Summerset Investing Nearly $200m at Two Christchurch Sites

NZX, ASX & MEDIA RELEASE

18 DECEMBER 2013

SUMMERSET INVESTING NEARLY NZ$200 MILLION AT TWO CHRISTCHURCH SITES

Retirement village and aged care operator Summerset announced today it has
purchased two Christchurch sites on which to develop villages, investing
around NZ$200 million into retirement living for older Cantabrians.

The sites are located in Casebrook and Wigram. They will be the company's
first Christchurch villages.

The company intends to build more than 200 townhouses and villas for
independent living, and care apartments for those with more advanced needs at
the Casebrook village. The village will be located on a 9.7ha site in
Casebrook, which is an up-and-coming area in the north of Christchurch, where
significant development is proposed.

The Wigram village will be set on 5.4ha and will have more than 200
retirement units. It is near to the Wigram Skies development. Both villages
will have a village centre, combining recreational facilities and a care
centre providing rest home and hospital-level care.

The purchase of the Wigram site is subject to subdivision of title.

Summerset CEO Norah Barlow said the company is looking forward to being part
of the city as it rebuilds.

"Christchurch is undergoing dramatic change and it's exciting to be part of
that. We're pleased to have found these sites after searching for many years
in the region.

"We look forward to providing the people of Christchurch and the wider region
with first class retirement villages set in great locations. We have
residents who have moved from Christchurch to Summerset's other locations
throughout the country since the earthquakes. We're very pleased to be able
to offer Cantabrians Summerset's range of retirement living options without
having to leave the region or their families and friends."

CFO and CEO-designate Julian Cook said, "There is significant pressure for
quality, affordable housing in Christchurch. Those moving to a Summerset
village not only get the benefits of living in a safe and secure community in
purpose-built homes, they also free up homes in the city for younger
families."

Latest census figures show the number of people aged 65 years and over is
increasing. Over 73,000 people are aged 85 years or over - an increase of
nearly 30% in this age group since 2006. The ageing population, coupled with
a shortage of housing and retirement village offering in Christchurch means
there are few options for older Cantabrians. Summerset's two villages will go
some way to addressing this problem.

These two Christchurch sites bring the total number of greenfield sites in
Summerset's portfolio to six.

Mr Cook said, "The company has strong growth objectives with Christchurch
being an important part of this. The city was a visible gap in our portfolio,
and we've had lots of interest from Christchurch residents into our
villages."

ENDS

For investor relations enquiries:

Julian Cook
Chief Financial Officer
[email protected]
04 894 7310 or 029 894 7310

For media enquiries:

Kimberley Rothwell
Communications Advisor
[email protected]
04 894 6993 or 027 601 2001
End CA:00245336 For:SUM    Type:ASSET      Time:2013-12-18 09:26:50