By Phil Boeyen, ShareChat Business News Editor
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Friday 16th November 2001 |
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The retirement home-cum-healthcare company says it has reached an unconditional agreement to sell the major part of a block of development land at Te Mata for $1.15 million, with settlement at the end of February next year.
CEO, Alan Clarke, says proceeds from the sale will be applied to further reduce group debt and improve the company's financial position.
"This will support our expansion in the medical and healthcare service sectors," he says.
The rest of the Te Mata block will be sold off in small lots to individual owners or builders, which the company says should achieve a better return.
Last month ElderCare took its first step towards becoming a health and medical services business when it agreed to buy a profitable Wellington-based pathology laboratory and its Nelson subsidiary for $10.5 million.
That contract is expected to be completed next month.
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