Summerset Group Holdings (ASX:SNZ) has purchased its fifth property in Wellington in New Zealand.
The NZ retirement village and aged care service provider snapped up the 6-hectare site in Northern Wellington.
Summerset says the land is well suited to a retirement village, which is rare to find.
The company plans to build over 290 homes on the site along with hospital care facilities.
The site will house its award winning dementia care apartments, which offer a safe environment for those suffering with the illness.
Shares in Summerset Group Holdings (ASX:SNZ) traded at $4.59 on 5 September.