Ryman to expand in Wellington

Ryman Healthcare today said it is expanding its Shona McFarlane retirement village in Wellington.

Ryman said it had bought a 2ha site for resident townhouses next to the existing village in Lower Hutt.

The Shona McFarlane village was opened in 2000 and currently has over 200 residents.

Ryman's other Wellington villages are the Rita Angus village in Kilbirnie and the Malvina Major village in Khandallah.

The company operates 13 retirement villages from Auckland to Invercargill and provide homes and care services to more than 2200 New Zealanders.

In April the company's bought a site in Wanganui in April and plans to open the Prince Alexandra village in Napier later this year.

Ryman managing director Kevin Hickman said they were pleased to be able to expand the Lower Hutt village.

"This latest development reflects our plans for growth and is in line with our target of doubling in size every five years," Mr Hickman said.

In May Ryman reported an annual profit of $18.4 million - up 20 per cent on last year.

Ryman's shares were up 6 cents at $2.72 just after midday today, having traded between $1.75 and $2.93 over the past 12 months.

- NZPA