Summerset Group is buying a 7.6ha waterfront property in Hobsonville, Auckland, known locally as Monterey Park, where it intends to build a retirement village.
The NZX-listed retirement village developer and operator, which is majority-owned by Australian private equity company Quadrant, is awaiting Overseas Investment Office approval before completing the purchase.
The land will become the company's 18th site. Details of the village will be made public after completion of the resource consent process. Terms were not disclosed.
Summerset chief executive Norah Barlow said the company had a mandate to expand into the Auckland region to cater for the area's ageing population.
"In addition to the already ageing population, Auckland's population is growing faster than any other region in the country."
