Ann: GENERAL: SUM: Summerset Buys Land to Extend

• Release Date: 30/04/14 15:00
• Summary: GENERAL: SUM: Summerset Buys Land to Extend Village in Auckland
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					SUM
30/04/2014 13:00
GENERAL

REL: 1300 HRS Summerset Group Holdings Limited

GENERAL: SUM: Summerset Buys Land to Extend Village in Auckland

NZX, ASX AND MEDIA RELEASE

30 APRIL 2014

SUMMERSET BUYS LAND TO EXTEND VILLAGE IN AUCKLAND

Retirement village operator Summerset has bought land adjoining its existing
village in Karaka, which will see the village's footprint almost double, CEO
Julian Cook said at the company's Annual Meeting today.

The purchase will help the company's growth as it anticipates bigger
deliveries of retirement units, care apartments and care beds at multiple
sites Mr Cook said.

Summerset will build around 250 retirement units this year, rising to 300
retirement units in 2015. Summerset built 209 retirement units in 2013.

The land purchase at Karaka, in the Auckland region, will add to Summerset's
considerable land bank. Last year, land purchases New Plymouth, Lower Hutt,
Trentham, Casebrook and Wigram boosted the company's land bank.

"Auckland has been a key region for us with villages in Warkworth and
Manukau, Karaka and Hobsonville, and a greenfield site at Ellerslie. When
these five villages are completed, we will have spent more than NZ$500
million in the region and created homes for some 1,300 residents."

The Karaka village will increase from a 3.6ha site, to a 6.8ha site with this
new acquisition. The village is in the early stages of construction.

Mr Cook said that the company's goal is to be the number one choice in
retirement village and aged care services in New Zealand.

"Summerset's early goal of building 20 villages in 20 years is now within our
grasp. After 17 years in the business, we have just launched our 18th
village, the NZ$120 million Hobsonville village - a truly special location on
the waterfront in Auckland. With developments like this, I believe being
number one choice is imminently achievable too."

He said Summerset has been named Best Retirement Village Operator in
Australasia four years running because of its focus on the customer, and the
challenge is to maintain that listening approach as the company grows.

"Ultimately we do all of this to create villages that enhance residents'
lives, and I feel deeply about making sure older New Zealanders have an
enjoyable retirement in communities built with their care and needs in mind."

Chairman Rob Campbell told investors at the Annual Meeting Summerset's
acquisition of five sites last year has provided the company with a strong
platform for future growth. Summerset's land bank now stands at more than
2,000 retirement units and nearly 600 care beds.

"This is enough to provide seven years of growth at our targeted build rate
of 300 retirement units per annum, which we plan to achieve in 2015," Mr
Campbell said.

"We are on track to meet our targets, and are in a position to continue to
develop more villages around the country taking our offering to new markets."

ENDS

For investor relations enquiries:
Scott Scoullar
Chief Financial Officer
[email protected]
04 894 7317 or 029 894 7317

For media enquiries:
Kimberley Rothwell
Communications Advisor
[email protected]
04 894 6993 or 027 601 2001
End CA:00249914 For:SUM    Type:GENERAL    Time:2014-04-30 13:00:02