Ann: ASSET: MET: Metlifecare Acquires Another Auckland Development Site

• Release Date: 01/04/15 13:24
• Summary: ASSET: MET: Metlifecare Acquires Another Auckland Development Site
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					MET
01/04/2015 13:24
ASSET
PRICE SENSITIVE
REL: 1324 HRS Metlifecare Limited

ASSET: MET: Metlifecare Acquires Another Auckland Development Site

Date: 1 April 2015
Media Release

METLIFECARE ACQUIRES ANOTHER AUCKLAND DEVELOPMENT SITE

Metlifecare confirms the conditional acquisition of a prime 5.5 hectare site
within the Manukau Golf Course, Manurewa, Auckland. This is the second site
acquired this year following the recent conditional purchase of 5 hectares in
Red Beach.

The land acquisition forms part of a proposed $175 million retirement village
project and is subject to the following material conditions: the satisfactory
completion of due diligence (including feasibility); resource consent of the
site being obtained by Metlifecare; and subdivision consent to be obtained by
the vendor.  Development of the site is scheduled to commence in the calendar
year of 2017 subject to satisfaction of these conditions, completing detailed
design and undertaking earthworks on the site.

The site is on Great South Road and is part of the larger residential
re-development of the Manukau Golf Club. It is planned to be Metlifecare's
16th village in the wider-Auckland region and the 27th in the North Island.

Metlifecare CEO, Alan Edwards, commented: "We are looking forward to working
with the vendor, Fletcher Living, on this opportunity and providing more
retirement living and care options to the local area. Our vision for this
village is to see a retirement community established that complements the new
residential community to be created by Fletchers on the balance of the golf
course land. Seeking higher levels of engagement between these communities
through a public caf? and other possible shared services will form part of
our forward planning. We expect to have resource consent in the first half of
the 2016 calendar year."

The proposed village would be Metlifecare's second village in the area. The
other village is the popular Longford Park Village in Takanini. Upon
completion, the village is planned to include a wide range of one, two and
three bedroom independent living options and care beds. The planned community
facilities include a swimming pool, gym, caf? and bowling green.

Importantly, the acquisition supports growth in Metlifecare's development
pipeline. With the addition of this land, the pipeline is likely to grow by
over 400 units and care beds lifting the total pipeline in excess of 1,750
units and beds. Metlifecare continues to look for additional land development
opportunities.

Metlifecare currently has 349 units and beds under construction. The Poynton
(Takapuna), Greenwich Gardens (on Auckland's North Shore) stages 1 and 2,
Coastal Villas (Kapiti Coast) and Oakridge Villas (Kerikeri) will be
completed over the coming months.  Stage 1 apartments at The Orchards
(Glenfield) are scheduled to be completed by the end of June 2015. The 36
care beds at The Orchards will be completed early in FY16 followed by the
completion of the stage 2 apartments. Stages 4 and 5 at Greenwich Gardens are
under construction with delivery split from mid-2016 until early 2017.

Metlifecare is a leading New Zealand retirement village and aged care
provider and currently owns and operates 23 retirement villages in prime
locations throughout the North Island of New Zealand. The company has two
villages currently under construction in Auckland - The Orchards and
Greenwich Gardens, together with the Red Beach site conditionally acquired in
January 2015.

ENDS

For more information please contact:

Alan Edwards
Chief Executive Officer
Tel: +64 9 539 8000

About Metlifecare

Metlifecare is a publicly-listed aged care and retirement lifestyle company.
The happiness of our residents is at the heart of everything we do. We offer
rewarding retirement lifestyle within vibrant social communities backed up by
a full range of care services when required.
Established in 1984, the company has a proven track record of successfully
owning and managing retirement villages in New Zealand. Metlifecare currently
owns villages in prime locations throughout the North Island of New Zealand.
Designed with our residents' personal freedom and sense of security in mind,
our living options range from independent villas and apartments through to
serviced apartments, rest homes and hospitals.

metlifecare.co.nz
End CA:00262612 For:MET    Type:ASSET      Time:2015-04-01 13:24:47