Ann: ASSET: MET: Metlifecare Acquires Red Beach Land

• Release Date: 13/01/15 16:01
• Summary: ASSET: MET: Metlifecare Acquires Red Beach Land
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					MET
13/01/2015 16:01
ASSET
PRICE SENSITIVE
REL: 1601 HRS Metlifecare Limited

ASSET: MET: Metlifecare Acquires Red Beach Land

Date: 13 January 2015
Media Release

METLIFECARE ACQUIRES RED BEACH LAND

Metlifecare confirms the conditional acquisition of a prime five hectare site
in Red Beach, Auckland, with plans to develop a significant retirement
village.

The land acquisition is part of a proposed $150 million 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 the company; and subdivision consent to be obtained by the
vendor.  Assuming satisfaction of these conditions as well as satisfaction of
other related consents, development of the site is likely to commence in
2017.

The site is on Hibiscus Coast Highway and is part of the larger residential
re-development of the Peninsula Golf Club. It is planned to be Metlifecare's
15th village in the wider-Auckland region and the 26th in the country.

The Chief Executive Officer of Metlifecare, Alan Edwards, commented: "This
will be a desirable and high quality village option for those living in the
Hibiscus Coast area. Red Beach is also popular for Auckland retirees looking
for a relaxed, coastal lifestyle but who want to still be close to the city.
We expect to have resource consent by December 2015."

The proposed village would be Metlifecare's second village in Red Beach and,
upon completion, is planned to include a wide range of one, two and three
bedroom independent living options and care beds. The community facilities
planned include a swimming pool, gym, cafe and bowling green.

Importantly, the acquisition supports growth in Metlifecare's development
pipeline. The pipeline will comprise in excess of 1,350 units and beds
depending on the final design and consenting process for the new Red Beach
village.

Metlifecare is one of New Zealand's leading retirement village and aged care
providers 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, both on the North Shore.

ENDS

For more information please contact:

Alan Edwards Jackie Ellis
Chief Executive Officer  Media Liaison
Tel: +64 9 539 8000   Tel: +64 9 3608500 email: [email protected]

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,
with most providing a full continuum of care.  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:00259727 For:MET    Type:ASSET      Time:2015-01-13 16:01:43