Ann: FORECAST: SUM: Summerset Acquires New Site in Auckland's...

• Release Date: 22/07/15 08:36
• Summary: FORECAST: SUM: Summerset Acquires New Site in Auckland's Eastern Suburbs
• Price Sensitive: No
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					SUM
22/07/2015 08:36
FORECAST
PRICE SENSITIVE
REL: 0836 HRS Summerset Group Holdings Limited

FORECAST: SUM: Summerset Acquires New Site in Auckland's Eastern Suburbs

NZX, ASX AND MEDIA RELEASE

22 JULY 2015

SUMMERSET ACQUIRES NEW SITE IN AUCKLAND'S EASTERN SUBURBS

Retirement village operator Summerset has acquired an interest in a new site
at St John's in Auckland's sought-after Eastern Suburbs.

The picturesque 2.5ha site is positioned on St John's Road with views out
towards Auckland's central city and Rangitoto Island. Known as Parsons'
Paddock, the site adjoins the St John the Evangelist Theological College and
a bush reserve. Located in the long-established and popular suburb of St
John's, the site enjoys close proximity to the Meadowbank Shopping Centre,
Remuera Golf Course and numerous other amenities.

CEO Julian Cook said, "We are delighted to have acquired an interest in this
landmark site and look forward to providing retirement village and care
services to the area. We expect there to be significant interest in this high
quality, modern development.

"The population of the Auckland region is growing rapidly, particularly in
the 75-plus age group. Within five kilometres of this site there are
currently around 8,000 people aged over 75. This is forecast to almost double
to around 14,000 by 2031.

"The village will provide much-needed retirement village living and care
options for older people in this area. It will also free up homes in the
community for younger families and help to address the housing availability
and affordability issues Auckland faces."

Grant Hope, Secretary and CEO of St John's College Trust Board said, "We are
very pleased to have Summerset as our neighbour and look forward to seeing
the development of a high quality retirement village to serve the needs of
the population in the St John's area."

The St John's site marks Summerset's sixth site in the Auckland region and
24th site nationally. Across Auckland, Summerset has villages in Karaka,
Manukau, Warkworth and Hobsonville. A village in Ellerslie is currently under
construction and is due to be opened in late 2016.

Mr Cook said, "We identified the St John's site as a prime location for a
retirement village some years ago due to its great location and the
undersupply of quality retirement village living and care options in the
area. We have been fortunate that the St John's College Trust Board have
chosen to make this site available and are pleased to have been able to work
with them on what will become an important facility for the surrounding
community."

Earlier this week Summerset also announced the purchase of a 2.4ha section of
land adjacent to its existing village in Warkworth, with plans to build an
additional 77 retirement units in an extension to the village.

Summerset is on track to deliver 300 retirement units across its 20 villages
nationwide in 2015. Underlying profit for the year ended 31 December 2015 is
forecast to be in the range of NZ$32 - NZ$34 million. Summerset's half year
financial results will be released on 11 August 2015.

ENDS

For investor relations enquiries:
Scott Scoullar
Chief Financial Officer
[email protected]
04 894 7320 or 029 894 7317

For media enquiries:
Katy Sweetman
Senior Communications and Marketing Advisor
[email protected]
04 894 6993 or 027 601 2001
End CA:00267251 For:SUM    Type:FORECAST   Time:2015-07-22 08:36:50