Metlifecare, the retirement village operator, has sold its Ilam Park site in Christchurch to rival Bupa Care Services New Zealand for $9.4 million.
The sale is in line with Metlifecare's plan to shift its focus to the North Island as part of its merger with Vision Senior Living and Private Life Care in July, it said in a statement. The settlement will take place on September 27.
"Our emphasis is on the premium Auckland, Waikato and Bay of Plenty markets and we currently have a number of excellent greenfield and brownfield opportunities in the pipeline in these areas," managing director Alan Edwards said.
Last month the Auckland-based company reported a loss of $141.7 million in the year ended June 30, from a profit of $20.8 million a year earlier after it slashed the value of its property portfolio by $99.8 million.
Metlifecare shares fell 0.4 per cent to $2.85, and have gained about 26 per cent this year.