Ryman Healthcare Limited (NZX: RYM) Acquires Extensions to Two Existing Victorian Sites

Thursday 28th October 2021

The retirement living and aged care provider, which has five operational villages in the state and seven more in the pipeline, has purchased Essendon Terrace retirement apartments in Essendon.

The complex, at 262-270 Pascoe Vale Rd, neighbours the 1.8 hectare site Ryman purchased in May, where it plans to build a new $165 million retirement village.

Essendon Terrace, which is home to 22 existing residents, will become part of that bigger development, offering retirement living and aged care in one village community.

As well as acquiring Essendon Terrace, Ryman also announced the purchase of the 2.35ha block of land next to its operational Deborah Cheetham Retirement Village in Ocean Grove, with plans to build a further 66 villas on the site.

The planned expansion will see the completed village offering a total of 148 independent villas, as well as 53 assisted living suites and a 120-bed care centre.

Ryman Healthcare Australia CEO Cameron Holland said the two purchases marked another significant stride forward in the company’s growth plans.

Mr Holland said the planned expansion of the Deborah Cheetham Retirement Village in Ocean Grove was evidence of the strong demand for Ryman’s full continuum of care offering.

“All the available stages of retirement villas at Deborah Cheetham sold out faster than we ever imagined they would, and we have a long waiting list of people wanting to get in.

“When the neighbouring property became available for sale, it presented an opportunity to meet that extra demand.

“It’s just further confirmation for us that there’s an incredibly strong appetite in the Victorian market for world class retirement living communities that also offer aged care on site.”

About Ryman: Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 43 retirement villages in New Zealand and Australia. Ryman villages are home to 12,750 residents, and the company employs 6,300 staff.

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Ryman Healthcare Limited - Ryman acquires extension to two Victorian sites

Source: Ryman Healthcare Limited

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