Retirement village deal set

Listed retirement specialist Metlifecare has struck a deal to buy the 225-villa Kapiti Village at Paraparaumu, north of Wellington.

Although no price was disclosed, Kapiti Village's latest annual return showed its assets were worth $52 million and it is owned by a subsidiary of Ballinger Industries.

Of the $52 million village valuation, $49.2 million was the value of licences issued to occupy land and buildings.

The village's total value increased 16 per cent within 12 months, from $44.9 million in the 2004 year to $52 million last year.

Settlement on the village's sale to Metlifecare is due on May 1. Metlifecare chief executive Richard de Haast said the listed company would then own 14 villages with 2091 apartments.

The company already owns the Metlifecare Coastal Villas at Paraparaumu.

Kapiti Village was established in 1993 and had 320 residents last year when 11 new villas were being developed on its 17.9 ha site.

Another listed retirement company, Ryman Healthcare, said this month it paid $50 million for a 7.8ha New Plymouth site.

The land is big enough to develop a fully integrated retirement village of up to 72 townhouses, 50 serviced apartments, a village centre and a care centre with up to 80 beds, the company said. Once this project is finished, Ryman will have 19 villages. It is building extensively in New Zealand.