Ann: ASSET: MET: Glenfield Acquisition

• Release Date: 30/03/12 16:07
• Summary: ASSET: MET: Glenfield Acquisition
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MET
30/03/2012 14:07
ASSET

REL: 1407 HRS Metlifecare Limited

ASSET: MET: Glenfield Acquisition

Media Release
30 March 2012

METLIFECARE ANNOUNCES NEW GLENFIELD VILLAGE DEVELOPMENT

Metlifecare has today announced the acquisition of a land site in Glenfield,
on Auckland's North Shore, which will become home to Metlifecare's
seventeenth retirement village.

The 1.1 hectare site at 123 Stanley Road, Glenfield has been held by the Cox
family for more than 100 years and has historical significance for the area.
A heritage-listed house on the site will be refurbished and will become a
focal point for the village.

Managing Director of Metlifecare, Mr Alan Edwards, said: "This is a very
exciting acquisition for Metlifecare and is in line with our acquisition and
development strategy. "

"Glenfield has a large and increasing older population, with limited
retirement living choices available within the area. This new Metlifecare
village will provide them with a desirable and high quality retirement living
option in their community."

Upon completion, the village will offer approximately 92 apartments and will
provide employment for approximately 20 full time equivalent staff.  Current
plans include a village centre, incorporating a cafe in Cox's House and
lifestyle amenities including restaurant, bar, library, lounge, activities
area, hairdresser, pool and gymnasium.  In keeping with the company's
philosophy around providing a continuum of care, a 38 bed Care Facility is
also planned as part of the village development.  Stage one is expected to
commence following the resource consent approval process.

Metlifecare is one of New Zealand's leading retirement village and aged care
providers and currently owns and operates 16 retirement villages in prime
locations throughout New Zealand.

The company has recently announced new funding facilities to support the
company's growth and development strategy.  In addition to the new Glenfield
acquisition and planned development, Metlifecare has also identified
expansion opportunities at five of its existing villages.

Metlifecare Chairman, Peter Brown, commented: "We have an exciting vision for
the future growth and expansion of our business, backed up by a strong
balance sheet, solid operating cashflows and confirmed banking facilities in
place. We are well positioned for growth and to take advantage of the
opportunities in the market."

ENDS

For more information, please contact:
Alan Edwards
Managing Director and CEO, Metlifecare
Tel: 09-539-8000

Released on behalf of Metlifecare by Jackie Ellis, spice communications group
tel 09 360 8500 or email [email protected]

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 16 retirement villages, incorporating nine care facilities with 2,460
villas and apartments and 407 care beds, in prime locations throughout New
Zealand.  Most villages provide a full continuum of care from independent
villas and apartments through to serviced apartments, rest homes and
hospitals.  www.metlifecare.co.nz
End CA:00221388 For:MET    Type:ASSET      Time:2012-03-30 14:07:27