Summerset Group Holdings Limited (ASX:SNZ)
says it has bought a new site in the fast-growing city of Hamilton in New Zealand.
Summerset says it will build a high quality retirement village on the 6.3 hectacre site.
Offering all levels of care the site will have over 270 homes including villas, townhouses and full care apartments.
Summerset says the new site will complement an existing village it owns in Hamilton, a city which should see strong growth in its aged population.
Summerset reported a net profit of $31.62 million for the 2015 financial year.