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ElderCare Settles Purchase of New Auckland Site

Media Release
11 October 1999

ElderCare Settles Purchase of New Auckland Site

Auckland – Monday, 11 October 1999 – ElderCare has confirmed the settlement of purchase for the 4.2 hectare Chelsea Rosedale Road site on Auckland’s North Shore for $2.5 million.

The Chelsea site will be used to build a 100-bed hospital and assisted living units for elderly people.

ElderCare Chief Executive Officer, David Lowry says, “the Chelsea purchase fits our strategy going forward of acquiring and developing purpose built facilities that complement our Continuum of Care approach. This approach provides elderly people with different levels of care in the same location as their needs gradually change.

“Chelsea occupies a prime location, adjacent to the site of an independent, private retirement village which will have 156 villas and 80 apartments. In addition, as the hospital will only take up a quarter of the site ElderCare has the option to use the land for future development.”

Once completed, the hospital will increase the number of beds under ElderCare management to 870. Construction is expected to begin in March 2000.

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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