Metlifecare To Acquire Two Christchurch Retirement Villages

Metlifecare has signed a Sale and Purchase Agreement to acquire Merivale Retirement Village and The Village Palms in Christchurch from subsidiaries of Merivale-Willowlea Holdings Limited. The transaction is subject to certain conditions, including obtaining required consents from the Ministry of Health, Health New Zealand and the Statutory Supervisor.

The acquisition will see Metlifecare return to the South Island, further enhancing its geographical presence in New Zealand, and increasing the aged care offering within its portfolio. The acquisition of the Christchurch villages closely follows the recent acquisition by Metlifecare of a premium greenfield development site in the Wānaka region.

CEO Earl Gasparich said Metlifecare and Merivale-Willowlea Holdings Limited are working together to ensure a well-managed transition for residents and employees.

“We look forward to welcoming approximately 200 residents and 140 employees into the Metlifecare family and will be focussed on ensuring the transition is positive and as seamless as possible”, said Mr Gasparich.

“The acquisition of these two premium villages in Christchurch is another step towards diversifying Metlifecare’s geographical footprint across New Zealand, enhancing our development landbank through the further expansion potential at the Merivale village, and strengthening the company’s aged care offering – all important objectives in our growth strategy.”

Jenny Stokes, Managing Director of Merivale-Willowlea Holdings Limited, said:

“We are thrilled that Metlifecare, a highly regarded retirement village and aged care operator, has chosen to purchase our two Christchurch villages. This means a seamless continuity of care and a positive experience for our residents, their families, and our village teams.”

“I’m confident that both The Village Palms and Merivale Retirement Village residents and staff will be in very good hands moving forward. I look forward to seeing how Metlifecare will continue to grow and develop these businesses delivering a positive experience for all.”

The transaction is due to complete in the fourth quarter of 2022 should all conditions be met.

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