Ryman buys land for 26th village in Howick

Ryman buys land for 26th village in Howick

Aug. 2 (BusinessDesk) - Retirement village builder and operator Ryman Healthcare plans its 26th retirement village will be established in the Howick suburb of Auckland.

Ryman has bought a 3.5 hectare site in Howick, chairman David Kerr told NZX.

“The greater Howick area is home to one of New Zealand's fastest growing older populations and we are looking forward to providing the local people with a first class aged care and retirement living choice in their neighbourhood,” Kerr said.

As with Ryman's other villages, the Howick village will provide the full continuum of care from independent and serviced apartments, a village centre and resthome, hospital and dementia care facilities, he said.

Kerr said Ryman is trading well and ahead of last year – the company reported a record underlying net profit of $72 million for the year ended March 31.

The company is currently building at ten of its sites and is well placed to continue building at its current increased rate of 550 units and beds a year for the foreseeable future, Kerr said.

Ryman's shares closed unchanged at $2.71, a little below their record $2.84 but well above $2.03 a year ago.

(BusinessDesk)

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