Metlifecare sells Christchurch site to Bupa Care for $9.4m
Company plans to shift its focus to the North Island as part of its merger with Vision Senior Living and Private Life Care.
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BUSINESSDESK: Retirement village operator Metlifecare 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 says. The settlement will take place on September 27.
"Our emphasis is on the premium Auckland, Waikato and Bay of Plenty markets and we have a number of excellent greenfield and brownfield opportunities in the pipeline in these areas," managing director Alan Edwards says.
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% to $2.85 and have gained about 26% this year.
Hannah Lynch
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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Metlifecare sells Christchurch site to Bupa Care for $9.4m
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