Retirement village operator Oceania Healthcare has bought two established villages - one in Auckland and one in Northland - for $57 million, as it pushes for future expansion.
Oceania Healthcare has bought the Remuera Rise apartment complex in Newmarket, Auckland. Photo: Supplied/ Oceania Healthcare
It is buying the Remuera Rise apartment complex in Newmarket, Auckland, with 58 independent living apartments and 12 specialist care residences.
The second acquisition is Bream Bay Village in Ruakākā, south of Whangārei, with 83 villas completed in the first stage development.
It has also taken an option to acquire 6.7 hectares of greenfield land adjacent to the Ruakākā village, capable of accommodating another 124 villas and and amenities.
"These acquisitions are expected to deliver strong accretion to underlying earnings per share in financial year 2023, and are funded by existing debt facilities," the company said in a statement.
Oceania Healthcare has bought Bream Bay Village in Ruakākā. Photo: Supplied/ Oceania Healthcare
Oceania moved to increase its debt by $150m to $500m to cover the cost of the acquisitions and for future development.
The company said it planned to increase its annual build rate to about 300 units, from 2023.