Friday 5th April 2013
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Summerset Group, the retirement village operator and developer whose shares have climbed 78 percent in the past 12 months, said sales of occupation rights to its units rose by a fifth in the first quarter from the fourth quarter of last year.
Sales of occupation rights rose to 89 units in the first quarter, made up of 64 new sales and 25 resales, from 74 in the final three months of 2012, the Wellington-based company said. Sales were down 1 from the 90 sold in the first quarter of last year, which was made up of 38 new sales and 52 resales.
In February, Summerset reported that full-year profit more-than tripled, beating its prospectus forecast and announced a bigger than expected dividend. Its annual sales beat the company's target at 331 units.
The shares last traded at $2.74, valuing the company at $583 million, up from the $1.40 offer price when Australia's Quadrant Private Equity sold down its stake in a late 2011 initial public offering.
Quadrant sold a further 18.6 percent of Summerset last month, ceding control of the business and leaving it with 37.2 percent of the company.
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