Summerset Purchases Land for First Australian Village

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz
NZX and ASX RELEASE

24 September 2019


SUMMERSET PURCHASES LAND FOR FIRST AUSTRALIAN VILLAGE

Summerset, New Zealand’s fastest growing retirement village operator, today announced the
acquisition of land for its first village in Australia.

The eight-hectare property is in Cranbourne North, an established suburb in the south-east of
Melbourne. The site is located close to a number of shopping centres, a golf course, public
transport and will be adjacent to a public reserve with walking tracks.

Summerset CEO, Julian Cook said the site was a good entry point for the company’s growth
plans in Melbourne.

“We have made clear our plans for Melbourne for some time now and believe this market is an
attractive growth opportunity for us” Mr Cook said.

Mr Cook said Summerset’s solid reputation for vibrant living and high-quality care would stand
the company in good stead in Australia and that Melbourne’s ageing population was
underserved by quality retirement village and aged care offerings.

“Summerset will be introducing its continuum of care retirement village model to Victoria, which
is not a common feature of many retirement villages there. Our research indicates that there is
strong demand for this style of village.” said Mr Cook.

“This site is well located with amenities close by, it is adjacent to a public reserve and there is a
strong population catchment. Village design is progressing and we plan on including a signature
main building along with a number of single-level villas.”

Mr Cook also noted that the Melbourne residential property market was starting to recover after
a period of decline, “over the last three months residential prices in Melbourne have started to
increase following around 12 months where prices declined approximately 11%. The demand for
our retirement living and aged care is not driven by the residential property market; however, the
stabilisation of the residential housing market does mean we are entering the market at a good
point in the property cycle.”

Summerset began operations 22 years ago and is now firmly established in New Zealand with
28 villages completed or in development and a further 10 sites for future villages.

“Summerset started out as a family business. As we’ve grown we have stayed true to the values
of our founder. We put residents at the heart of everything we do in New Zealand and we plan to
do exactly the same in Australia.”

Summerset Chairman, Rob Campbell, said “the Board is pleased to have made this step after a
lengthy period of investigation. This site represents the next stage in Summerset’s ongoing
growth as a business.”

The site acquisition and subsequent development will be funded from existing bank facilities.


ENDS

For investor relations enquiries: For media enquiries:
Scott Scoullar Louise Nolan
Chief Financial Officer and Deputy CEO Communications Advisor
scott.scoullar@summerset.co.nz louise.nolan@summerset.co.nz
04 894 7320 or 029 894 7317 022 6922 752

ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 28 villages completed or in development across the country. In addition,
Summerset has 10 sites for development in New Zealand: Milldale (Auckland), Parnell
(Auckland), St Johns (Auckland), Rangiora (Canterbury), Waikanae (Kapiti Coast),
Blenheim (Marlborough), Pohutukawa Place (New Plymouth), Whangarei (Northland),
Cambridge (Waikato) and Lower Hutt (Wellington), and one site for development in
Melbourne, Victoria, bringing the total number of sites to 39.
• It provides a range of living options and care services to more than 5,000 residents.
• Silver Award winner of the Reader’s Digest Quality Service Awards in 2019.
• The Summerset Group has villages in Aotea, Avonhead, Casebrook, Dunedin, Ellerslie,
Hamilton, Hastings, Havelock North, Hobsonville, Karaka, Katikati, Kenepuru, Levin,
Manukau, Napier, Nelson, New Plymouth, Palmerston North, Papamoa Beach,
Paraparaumu, Richmond, Rototuna, Taupo, Te Awa, Trentham, Wanganui, Warkworth
and Wigram.