New Zealand retirement village operator Summerset (ASX:SNZ) is moving ahead with Australian expansion plans announcing the purchase of land for its first village in Australia.
Summerset did not disclose a price but said the acquisition and subsequent development will be funded from existing bank facilities.
Summerset CEO, Julian Cook says the site is a good entry point for the company’s growth plans in Melbourne.
The company began operations 22 years ago and is now firmly established in New Zealand with 28 villages completed or in development and a further 10 sites for future villages.
Shares in Summerset (ASX:SNZ) are trading 1.5 per cent higher at $6.06.