Published 19 October 2012
Metlifecare Ltd has sold its Oakwoods retirement village in Nelson for $29 million to a syndicate of South Island investors, which includes current village manager Steve Davis. Settlement is expected on 30 November, conditional only on satisfaction of procedural matters.
Mr Davis won the company’s 2012 award for village manager of the year. He will continue as Oakwoods manager and also become a syndicate manager.
Metlifecare managing director Alan Edwards said on Wednesday the sale was in line with the portfolio rationalisation announced as part of the company’s merger with Vision Senior Living Ltd & Private Life Care Ltd in July.
Post-merger, it was important for Metlifecare to reduce its debt: “This sale achieves that objective. Following settlement of this transaction, we can shift our focus to the development of our existing greenfield & brownfield opportunities.”
“We are pleased that Mr Davis will remain with the village and we are confident that he will receive the full support of his staff at the village and that the residents will continue to receive excellent service going forward.”
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.