Oceania Healthcare, New Zealand’s third largest retirement village operator, has acquired a site adjacent to its Eden facility in Mt Eden, Auckland. Financial terms have not been disclosed.
The Eden facility currently has 67 existing care suites – premium care rooms sold to residents under the occupation right agreement model – and 40 independent retirement village apartments.
“We told our shareholders at the time of the IPO that we would make further brownfield and greenfield acquisitions as opportunities arose, and this purchase in Mt Eden is a great example of the execution of this strategy. It enables us to add to our brownfield development pipeline at a proven site with strong property values,” said Oceania Healthcare CEO Earl Gasparich
Oceania Healthcare priced its NZ$200 million (US$140.3 million) IPO at NZ$0.79 per share in May. Its shares yesterday traded flat at NZ$0.98.