Metlifecare will return to the South Island with the acquisition of two Christchurch retirement villages.
Metlifecare has signed a Sale and Purchase Agreement to acquire Merivale Retirement Village and The Village Palms in Christchurch from subsidiaries of Merivale-Willowlea Holdings Limited. The transaction is subject to certain conditions, including obtaining required consents from the Ministry of Health, Health New Zealand and the Statutory Supervisor.
The acquisition enhances its geographical presence in New Zealand, increasing the aged care offering within its portfolio and closely follows the recent acquisition by Metlifecare of a premium greenfield development site in the Wānaka region.
Metlifecare and Merivale-Willowlea Holdings Limited are working together to ensure a well-managed transition for residents and employees.
“We look forward to welcoming approximately 200 residents and 140 employees in to the Metlifecare family and will be focussed on ensuring the transition is positive and as seamless as possible”, said Metlifecare CEO Earl Gasparich.
“The acquisition of these two premium villages in Christchurch is another step towards diversifying Metlifecare’s geographical footprint across New Zealand, enhancing our development landbank through the further expansion potential at the Merivale village, and strengthening the company’s aged care offering – all important objectives in our growth strategy.”
The transaction is due to complete in the fourth quarter of 2022 should all conditions be met.
