Metlifecare puts its money into high growth cities

Metlifecare Pakuranga. Photo / Natalie Slad

Retirement giant Metlifecare has indicated more of an appetite for Auckland than the Wairarapa with its latest move.

The business announced the conditional $6 million sale of its Masterton village yesterday and said it aimed to invest in high growth areas.

Metlifecare has a new chief executive, former Housing NZ boss Glen Sowry.

Yesterday's announcement made it clear the business was voting with its feet.

"Wairarapa Village operates in a market that has lower opportunities for growth for Metlifecare, due to local market dynamics and a less attractive real estate environment. This agreement presents an opportunity to reallocate the capital receipted from this sale to continue the company's focus on greenfield and brownfield developments in high growth areas that represent stronger future yields," a company statement said.

"The company has total assets of more than $2.4 billion, including a strong and growing land bank of quality sites in areas of high demand. Metlifecare provides more than 5,000 people with a range of care levels and support, from independent living and in-home care services through to specialist aged residential care. Metlifecare is proud to have been associated with this village for over 30 years," Metlifecare said.

Just last month, Metlifecare confirmed that it had settled the purchase of its three hectare site at 98 McClymonts Road, Albany.

"This acquisition increases Metlifecare's presence in Auckland's North Shore. It also takes the total number of sites owned by the retirement village operator to 26. The site has a prime location close to the expanding Albany retail district, the Northern Busway terminal and the growing residential environment. The proposed scheme is subject to the normal project due diligence process, including a number of approvals such as resource and building consents. Pending these approvals, the first units are expected to be completed in FY19.

"Metlifecare continues to look for additional development opportunities to augment the company's current land bank of 2,184 units and care beds," it said in an NZX statement last month.