Sharechat Logo

Metlifecare sells Christchurch site to Bupa Care for $9.4 mln

Tuesday 11th September 2012

Text too small?

Metlifecare, the retirement village operator, has sold its Ilam Park site in Christchurch to rival Bupa Care Services New Zealand for $9.4 million.

The sale is in line with Metlifecare's plan to shift its focus to the North Island as part of its merger with Vision Senior Living and Private Life Care in July, it said in a statement. The settlement will take place on Sept. 27.

"Our emphasis is on the premium Auckland, Waikato and Bay of Plenty markets and we currently have a number of excellent greenfield and brownfield opportunities in the pipeline in these areas," managing director Alan Edwards said.

Last month the Auckland-based company reported a loss of $141.7 million in the year ended June 30, from a profit of $20.8 million a year earlier after it slashed the value of its property portfolio by $99.8 million.

Metlifecare shares fell 0.4 percent to $2.85, and have gained about 26 percent this year.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

UPDATE: Metlifecare shares fall 4.8% as posts drop as first-half profit falls 66%
Transpower seeks up to $125 mln in new bond ahead of November maturity
Metlifecare investigates building problems with Auckland Links Apartment complex
Resource Consent for new Glenfield Village for Metlifecare
Metlifecare undervalued compared with peers, Devon's Glass says
Metlifecare turned to a profit in 2013 after merger boosted property portfolio
Metlifecare raises $70 mln at 8.3 % discount in institutional placement
Metlifecare to raise $80M via placement, share purchase plan to repay debt
Metlifecare on track for $60M full-year post-merger cashflows
Metlifecare sells Nelson village for $29 million