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Ryman expands land bank

Media release - March 17, 2014

Ryman Healthcare has plans for eight new retirement villages in New Zealand, following recent acquisitions which have boosted its land bank.

Managing Director Simon Challies said five of the eight new villages will be in the Auckland region.

“We are experiencing great demand for our existing villages and we know we’re about to hit a 30-year growth period as the population ages. Auckland is the biggest market in New Zealand and it’s growing strongly.’’

Mr Challies said the target was to lift the current New Zealand build rate to 850 units and beds per annum by 2017 to meet increasing demand. The increase means Ryman will be building at almost double the rate it was five years ago.

“Our team has been busy acquiring sites so we’re in a good position to meet the burgeoning need for retirement living and aged care options.’’

“We’ve got eight development sites in the New Zealand land bank and they’re all great locations. We’re delighted to be in a position to lift our New Zealand build rate at a time when demand is starting to really take off.’’

“At this increased build rate we’ve got four years of development work in the pipeline in New Zealand.

“Our next priority is securing a second site in Melbourne,’’ Mr Challies said.

By the end of this year Ryman will have invested over $100 million on these new sites in New Zealand as it gears up to meet the growing need. Ryman’s land bank will provide homes and specialist care for more than 4,000 elderly New Zealanders.

The locations of the new sites would be revealed for prospective residents as soon as Ryman was in a position to do so, Mr Challies said.

About Ryman Healthcare: Ryman was founded in 1984 and has become one of New Zealand’s largest listed companies. The company owns 27 villages and serves over 7,500 residents in New Zealand and Australia. Each village offers a combination of retirement living and aged care.

Media advisory: For further information, photos, interviews or comment please contact Corporate Affairs Manager David King on 03 366 4069 or 021 499 602.