Summerset Strengthens NZ portfolio with four new sites

Corporate Action Notice
(Other than for a Distribution)
Updated January 2024
Page 1 of 3

Section 1: Issuer information (mandatory)
Name of issuer Summerset Group Holdings Limited
Class of Financial Product Ordinary Shares
NZX ticker code SUM
ISIN (If unknown, check on NZX
website)
NZSUME0001S0
Name of Registry MUFG Pension & Market Services
Type of corporate action
(Please mark with an X in the relevant
box/es)
Share Purchase
Plan/retail offer
Renounceable
Rights issue or
Accelerated
Offer

Capital
reconstruction
Non-
Renounceable
Rights issue or
Accelerated
Offer

Call Bonus issue
Placement X
Record date N/A
Ex Date (one business day before the
Record Date)
N/A
Currency NZD
External approvals required before offer
can proceed on an unconditional basis?
N
Details of approvals required N/A

Section 7: Placement
Number of Equity Securities to be
issued
To be confirmed
Issue price per Equity Security To be confirmed
Maximum dollar amount of Equity
Securities to be issued
NZ$35,000,000
Proposed issue date On completion of the Transaction (as described
below).
Existing holders eligible to participate N
Related Parties eligible to participate N

2 of 3
Basis upon which participation by
existing Equity Security holders will be
determined
N/A
Purpose(s) for which the Issuer is
issuing the Equity Securities
The shares (Consideration Shares) are being
issued in connection with a transaction involving the
acquisition of land in Belmont, Auckland by SUM's
wholly owned subsidiary, Welhom Developments
Limited (the Transaction) (as further described in the
announcement released with this corporate action
notice).
Reason for placement rather than a
pro-rata rights issue or an offer under a
Share Purchase Plan in which the
Issuer’s existing Equity S ecurity holders
would have been eligible to participate
The Consideration Shares are being issued in
connection with the Transaction (as further described
in the announcement released with this corporate
action notice).
Equity Securities to be issued subject to
voluntary escrow
Y
Number and class of Equity Securities
to be issued that will be subject to
voluntary escrow and the date from
which they will cease to be escrowed
The Consideration Shares will be subject to voluntary
escrow which partially restricts their sale or transfer,
in particular:
• no more than 25% of the Consideration Shares
may be sold or transferred within 6 months of
completion of the Transaction;
• no more than 62.5% of the Consideration Shares
may be sold or transferred within 12 months of
completion of the Transaction; and
• no more than 50% of the Consideration Shares
may be sold or transferred in any rolling 6-month
period following completion of the Transaction.

Section 8: Lead Manager and Underwriter (mandatory)
Lead Manager(s) appointed N
Name of Lead Manager(s) N/A
Fees, commission or other
consideration payable to Lead
Manager(s) for acting as lead
manager(s)
N/A
Underwritten N
Name of Underwriter(s) N/A
Extent of underwriting (i.e. amount or
proportion of the offer that is
underwritten)
N/A
Fees, commission or other
consideration payable to Underwriter(s)
for acting as underwriter(s)
N/A

3 of 3
Summary of significant events that
could lead to the underwriting being
terminated
N/A

Section 9: Authority for this announcement (mandatory)
Name of person authorised to make
this announcement
Robyn Heyman
Contact person for this announcement Robyn Heyman
Contact phone number 027 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP 5 December 2024

---

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 & ASX RELEASE

5 December 2024

SUMMERSET STRENGTHENS NEW ZEALAND PORTFOLIO WITH FOUR
NEW SITES

Summerset Group announced today the purchase of four new sites in New Zealand – Belmont
(Auckland), Paraparaumu (Kāpiti Coast), Boulcott (Lower Hutt) and Blenheim (Marlborough).

The Belmont and Paraparaumu sites will be home to proposed new villages while the Boulcott
and Blenheim purchases are extensions to existing villages.

Summerset Chief Executive Scott Scoullar said it is very pleasing to strengthen the company’s
landbank and secure excellent sites in a good mix of high demand locations.

“While 2024 has represented a very challenging business environment for us it has also created
some excellent opportunities to acquire great sites where we can introduce more New
Zealanders to our retirement village lifestyle.

“All four sites are in very high demand areas where we expect to see significant growth in the
coming years. These acquisitions demonstrate our confidence in Summerset’s retirement
proposition and its ongoing appeal.

“We’re pleased to find two excellent new village sites and to secure two village extensions.
Village extensions are about meeting demand in proven locations, often where we already have
pre-existing capacity in the supporting village infrastructure.”

Belmont - Auckland
Belmont, on Auckland’s North Shore, will be very attractive to future residents being just minutes
from the vibrant areas of Takapuna and Devonport with their diverse shopping and dining
options and an extensive choice of recreational facilities.

The freehold land purchase from Ngāti Whātua Ōrākei was uniquely structured, including part
payment through issuance of shares in Summerset Group Holdings Limited. It also includes
education and employment opportunities for hapū, facilitating the start of a long-term
partnership. Summerset also acknowledge Ngati Pāoa as tangata whenua of the site.

Mr Scoullar said the proposed village will be unique in the area too. Summerset plans
predominantly low-rise villas at Belmont, bringing a more relaxed ambience than the other
apartment-dominated retirement villages in the area.

“This coastal village will be generally north-facing and have some stunning views of the city.
We’re sure the offering will be highly popular with our future residents.”

Paraparaumu - Kāpiti Coast
The new Paraparaumu site on the Kāpiti Coast, north of Wellington, is 12.6 hectares and will be
Summerset’s third village in the area, complementing the company’s existing Paraparaumu
village and its developing Waikanae village which are both in high demand.

The site is handily located between Paraparaumu Beach and the Coastlands Mall with a wide
variety of shops and amenities including major retailers, cafes, restaurants and boutique shops.

Boulcott – Lower Hutt
The Boulcott village extension is 1.2ha on the eastern edge of Boulcotts’ Farm Heritage Golf
Club, where Summerset plans to build new independent living villas and townhouses.

Mr Scoullar said the company intends to add bonus amenities to the village such as pickleball
and a resident clubhouse.

“Summerset Boulcott has its village centre open already which includes an indoor pool, café and
theatre, the village’s care centre is due to open soon. This extension will offer Lower Hutt
retirees even more options to join our village community.”

Blenheim - Marlborough
The Blenheim extension is a sizeable 4-hectare site that will allow Summerset to offer up to 100
additional homes to Marlborough retirees. Like Boulcott, the village extension will have added
extras such as croquet and an outdoor BBQ area to ensure there is an even wider range
activities for residents to enjoy.

“Our Blenheim extension will offer more housing options for Marlborough retirees and will have
appealing new resident facilities that we believe will give the village a great point of difference in
the market.”

Including the purchase of Summerset’s Mission Hills site in August, 2024 has seen the company
add more than 1,000 new units to its land bank, which remains the largest in New Zealand's
retirement village sector.

ENDS

Further site information:
New sites Location Homes Care and other facilities
Belmont Eversleigh Road,
Belmont Auckland
Approx. 260 +
care
Village will include care
centre
Paraparaumu Ratanui Road,
Paraparaumu
Approx. 250 +
care
Village will include a care
centre
Boulcott Kingston Street,
Boulcott, Lower Hutt
Up to 48
additional new
homes
• Boulcott care centre to
open in Q1 2025. Village
centre with pool, theatre,
cafe and more available
now
• Extension will include a
resident clubhouse and
other amenities such as
pickleball and croquet
Blenheim 189 Old Renwick Road,
Springlands, Blenheim
Up to 100
additional new
homes
• Blenheim village centre
which will include
resident amenity and
care to begin
construction in 2025
• Extension to include a
resident clubhouse, BBQ

area, pickleball and
more.

Images
*Note: all boundary lines drawn in white are indicative only – purple lines indicate the current village for our village
extensions.

Blenheim:

(Purple line is current Summerset Blenheim village site)

Paraparaumu:

Boulcott:


Belmont:

For investor relations enquiries: For media enquiries:
Sarah Theodore Louise McDonald
Acting Chief Financial Officer Senior Communications & Media Advisor
sarah.theodore@summerset.co.nz louise.mcdonald@summerset.co.nz

+64 21 246 3793

ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 39 villages completed or in development nationwide
• In addition, Summerset has eight proposed sites at Belmont (Auckland), Rotorua (Bay of
Plenty), Napier (Hawke’s Bay), Palmerston North (Manawatu), Masterton (Wairarapa),
Paraparaumu (Kāpiti Coast), Rolleston (Christchurch), Mosgiel (Dunedin)
• Summerset also has two villages in development (Cranbourne North and Chirnside Park)
and five other properties in Victoria, Australia (Craigieburn, Drysdale, Mernda, Oakleigh
South and Torquay)
• Summerset provides a range of living options and care services to more than 8,400
residents