PHOTO: SUPPLIED Aged care and retirement village operator Arvida has paid $180 million for three luxury retirement villages including the Queenstown Country Club, pictured.
One of the largest aged care and retirement village operators, Arvida, is buying three luxury retirement villages for $180 million, in Tauranga and Queenstown.
Arvida said it was buying Bethlehem Shores, Bethlehem Country Club in Tauranga and Queenstown Country Club for approximately $180m from Fraser Sanderson, a long-term developer of high-quality retirement villages in New Zealand.
The purchase would add 326 independent living units to Arvida’s portfolio of 3677 units and beds.
The villages also offered the opportunity to develop another 504 units, Arvida chief executive Bill McDonald said.It meant Arvida would increase its target build rate from the 2021 financial year to more than 250 units a year.
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