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ElderCare Acquires Luxury Apartment Complex

ElderCare Sets Benchmark in Retirement Apartment Living
Acquires Luxury Apartment Complex

Auckland – 23 March 2000 – Listed retirement care provider ElderCare New Zealand (NZSE: ELD) today announced that it has signed a conditional agreement to acquire a premier retirement apartment complex in Tauranga comprising 76 mainly two and three bedroom apartments.

In a deal worth approximately $7.5 million, to be settled by $4 million in cash and approximately $3.5 million in convertible notes, ElderCare New Zealand will purchase all of the shares in the two companies which own and are developing the complex. The transaction is subject to due diligence which is due to be completed on 5 April 2000.

ElderCare New Zealand Chief Executive Officer, Alan Clarke, says the complex, which is due to be completed in July 2000, will take the total number of beds managed by the company to 988. “For residents, it’s a great setting in which to enjoy retirement in a premium location. For ElderCare it’s a great investment in a high quality facility in a highly desirable region. This is a showcase facility and represents a tremendous opportunity for ElderCare to extend the standard it has set in the provision of Assisted Living.

“The acquisition, if it proceeds, will also enable ElderCare to extend its Continuum of Care philosophy in an area which has significant potential, providing a coordinated range of support services for elderly people in a residential setting.”

The facility will be complemented by ElderCare’s Elmswood Retirement Home, also in Tauranga, which will allow the immediate provision of care services for residents who require them.

Upon completion the complex will offer residents a range of distinctive features. These include a heated indoor swimming pool and spa, restaurant, large communal lounge containing a library and billiard room. A high level of personal security is provided together with 24 hour on-call medical assistance. Shops, medical centre and a waterfront park are within easy walking distance.

Clarke says the resort is the only complex of its kind in the Bay of Plenty to offer these features in an apartment style environment. “Keeping in line with ElderCare’s strategy of purchasing facilities that deliver quality and individualism to residents and the communities in which they operate, the proposed acquisition will provide luxury apartment living within a practical and secure living environment,” says Clarke. “Residents will receive an occupation license which provides the right of residency of a chosen apartment for life, together with full access to and use of all facilities and privileges offered by the company’s Continuum of Care.”

The announcement follows the company’s recent acquisition of two hospital facilities in Auckland and Nelson. Clarke says ElderCare will continue to identify growth opportunities, through acquisition and development initiatives that are tailored to the company’s immediate and longer-term requirements.

Company Background
ElderCare New Zealand Limited (NZSE: ELD) is a retirement care provider. The company owns a substantial portfolio of nursing homes and assisted living facilities throughout New Zealand at which they offer broad and varied services for the healthcare needs of elderly people.

ENDS

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