Archive | Ryman Healthcare

Ryman buys site for 5th Melbourne retirement village

Ryman Healthcare Ltd has bought its fifth site in Melbourne for a $200 million retirement village.

The New Zealand company said it would consult locals before applying for consent to build a village on the 1.2ha in Coburg, 10km from Melbourne’s cbd.

Managing director Simon Challies said the site, formerly a school, was previously approved for a large residential development.

Attribution: Company release.

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Ryman buys waterfront Melbourne site

NZX-listed retirement village company Ryman Healthcare Ltd has continued its Melbourne expansion, buying an 8.9ha waterfront site on the Mornington Peninsula for an undisclosed price.

The Moondah Estate site at Mt Eliza, overlooking Port Phillip Bay, is 45 minutes from Melbourne’s cbd and was built as a country estate by James Grice in 1888. It was later owned by airline founder Sir Reg Ansett, who turned it into a luxury hotel, but its last use was as a campus for the Melbourne Business School.

Ryman opened its first retirement village in Melbourne in 2014 and Moondah Estate is its fourth site in Australia.

Ryman managing director Simon Challies said yesterday the company would preserve its historic features: “This is an outstanding site in terms of its natural beauty and it is going to make an absolutely stunning place to live for retirees who love the peninsula. We think it has great potential and we are also conscious that ownership of such an historic site is also a privilege. It will be great to see Moondah Estate get a new lease on life as a beautiful home for retirees.’’

Ryman’s integrated care model differs from most Australian retirement villages and the Mt Eliza village will include independent living apartments & aged care, including specialist dementia care.

Mr Challies said: “We think our first village was a great success because Melburnians like the way our integrated model works. We don’t think it is good enough to sell someone a home and then ask them to move on when their health changes. It is early days, but we believe this market acceptance, and the ageing population, provides us with a great opportunity to provide homes & care as well as sustainable jobs.’’

Attribution: Company release.

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Propbd on Q F5Aug16 – Wiri site for Turners, Ryman at Hobsonville, Metlifecare unconditional at Red Beach, port alliance, Stride buy OK

Turners buys Wiri property for anticipated business growth
Ryman buys at Hobsonville
Metlifecare unconditional on Red Beach site
New alliance between Auckland & Napier ports
Stride acquisition of 2 Westfield malls gets OK

Turners buys Wiri property for anticipated business growth

Turners Ltd has bought a 1ha site on the corner of Roscommon Rd & Vogler Drive in Wiri for $4.8 million. Chief executive Todd Hunter said on Wednesday the company bought the property to extend its footprint into South Auckland and to allow for the expansion of Turners’ fast-growing truck & machinery business.

“Acquisitions of strategic property sites are becoming an increasingly important part of the growth strategy for Turners Group NZ (ex-Turners Auctions) to allow for further footprint expansion as the business grows, and to achieve stronger control over property overheads. As part of this strategy Turners have previously purchased properties in South Auckland & Christchurch.”

This property is a highly visible corner site with easy access to motorways & arterial roads.

Ryman buys at Hobsonville

Ryman Healthcare Ltd will invest over $200 million developing a new 4ha retirement village site on Scott Rd, Hobsonville.

Ryman chair David Kerr told the annual meeting in Whangarei on 27 July the village would offer independent living & care options for over 400 residents.

The company also expects to have work underway on its second site at Brandon Park in Melbourne this year. In February, Ryman announced it had bought a third site at Burwood East and was on target to have 5 villages open in Melbourne by 2020.

Metlifecare unconditional on Red Beach site

Metlifecare Ltd said on 29 July it had gone unconditional on acquisition of a site on the former Peninsula golfcourse at Red Beach for its 16th Auckland retirement village. Settlement is due on 19 August and a resource consent hearing is scheduled for 30 August.

Chief executive Glen Sowry said the village would become home to over 500 residents and was planned to provide a full range of living options, including a 68-bed care home & a retail precinct.

Work to re-contour the golfcourse is intended to start soon, so development of the village can start in October 2017. Construction of the first stage is planned to be completed and the first residents welcomed in 2019.

Earlier story:
13 January 2015: Metlifecare buys 5ha of Red Beach golfcourse for new retirement village

New alliance between Auckland & Napier ports

Ports of Auckland Ltd & Napier Port announced a strategic alliance on Wednesday to provide operational, economic, sustainability & community benefits.

Ports of Auckland chief executive Tony Gibson said the partnership would allow the 2 ports to work together to find ways to optimise services for freight customers and achieve further scale & efficiencies in the supply chain: “It will prompt even greater competitive contestability & resilience in New Zealand’s supply chain to help lower costs to exporters & importers.

“There is a natural fit between Ports of Auckland & Napier Port. We share a similar way of working, common customers & supply chain opportunities and have similar ownership structures, so that’s a great base to work from.”

Stride acquisition of 2 Westfield malls gets OK

The Overseas Investment Office has approved Stride Property Group’s acquisition of the Westfield Queensgate shopping centre in Lower Hutt and the Westfield Chartwell shopping centre in Hamilton, through its wholesale investment vehicle, the Diversified NZ Property Trust.

Stride announced last November that Diversified had entered into an agreement with Scentre Group to acquire the shopping centres for $445 million.

Stride Investment Management Ltd, part of the Stride Property Group, manages Diversified’s property portfolio under a 10-year contract.

Stride chief executive Peter Alexander said new-look branding would be unveiled at each centre on settlement day. Stride expects to complete the deal by 22 August.

Earlier story:
27 November 2015: Scentre sells 3 malls to locals, one to go

Attribution: Company releases.

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Ryman sets another profit record and talks of new growth era

Ryman Healthcare Ltd grew its underlying profit for the March year by 16% to a record $158 million, and said it was entering a new era of growth.

Reported profit after tax rose 26% to $305 million (the NZ IFRS measure), as new stock & the strong housing market led to valuation gains.

Operating cashflows grew 34% to $312 million, driving a record level of investment in new villages & innovations.

Dividends have been increased by 16%. The final dividend is 8.5c/share.

Ryman chair David Kerr said on the release of the annual results on Friday: “Good profits & cashflows mean we have been able to invest $369 million back into the business.’’

One innovation was the first phase of Ryman’s new homegrown tablet-based nursing app, which will eliminate paperwork and allow nursing staff to spend more time with residents. Dr Kerr said ‘myRyman’ had already won a Microsoft award and was seen as a gamechanger for clinical staff & residents.

The company owns & operates 27 retirement villages in New Zealand & Australia, has 3 more where the first residents have started moving in and 9 under construction or at the consent or design stage.

Dr Kerr said Ryman was working on securing its fourth & fifth sites in Melbourne, putting the company on track to have 5 villages open in Victoria by 2020.

The first Melbourne village was completed & sold out during the year, and construction of the second village at Brandon Park is expected to start within 6 months.

“Returns from our first investment in Melbourne have been better than we expected. Looking out past 2020, our long-term plan is to match our New Zealand build rate in Australia.’’

Ryman ended the year with 98% occupancy in its care centres, which Dr Kerr said was well above the industry average.

Total assets grew 20% to almost $4 billion.

“We’ve achieved most of our targets for the year and we have invested heavily in innovation to make sure we are getting better as well as getting bigger. We will continue to invest heavily in tomorrow’s Ryman, creating a brighter future for residents, staff & shareholders.’’

5 villages under construction:
Petone, first residents moved in, construction continuing
Pukekohe, first residents moved in, construction continuing
Rangiora, first residents moved in, construction continuing
Birkenhead, construction continuing, first residents due mid-2016
Greenlane, demolition complete, groundworks underway.

3 villages awaiting consent: Devonport; Brandon Park, Melbourne; Tropicana, Auckland.

4 villages planned, all in the design phase: Burwood East, Melbourne; Newtown, Wellington; River Rd, Hamilton, an unnamed ‘site A, NZ’.

Financial results:

  • Underlying profit up 15.7% to $157.7 million ($136.3 million last year)
  • Operating revenue up 15% to $261.1 million ($227.1 million)
  • Fair value movement of investment properties up 26.2% to $274.6 million ($217.6 million)
  • Total income up 20.5% to $535.7 million ($444.7 million)
  • Pretax net profit up 27.8% to $309.3 million ($242 million)
  • Tax on operating profit up 3358% to $3.9 million ($113,000)
    Net profit attributable to shareholders up 26.3% to $305.4 million ($241.9 million)
  • Earnings/share, basic & diluted, up 26.3% to 61.1c/share (48.4c)
  • Final dividend up 16.4% to 8.5c/share (7.3c), no imputation credit.

Attribution: Company release.

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Propbd on Q T2Feb16 – DJ’s settles, third Melbourne Ryman, Fletcher sells Rocla assets, Warehouse opens at Atrium, ethics consultation

David Jones settles Kirkcaldie’s deal
Ryman buys third Melbourne retirement village site
Fletcher nets $85 million from Rocla divestment
Warehouse moves to Atrium on Elliott
Ethics standards for property sector out to global consultation

David Jones settles Kirkcaldie’s deal

David Jones Pty Ltd has settled its agreement to take assignment of Kirkcaldie & Stains Ltd’s main store lease on Lambton Quay in Wellington and to pay $A400,000 cash for the name ‘Kirkcaldie & Stains’.

Kirkcaldie & Stains is still awaiting High Court approval of a scheme of arrangement to return $19.4 million of capital to its shareholders. The company is seeking court approval to cancel 4 in 5 of its shares and return $2.3602/share cancelled. It also wants to wind up the employee share scheme.

The David Jones store would be the first for the brand outside Australia, but brand owner Woolworths Holdings Ltd’s 36th store in New Zealand. South African retailer Woolworths Holdings acquired David Jones in August 2014 for $A2.1 billion. Its other brands here are Country Road, Witchery, Trenery & Mimco.

Ryman buys third Melbourne retirement village site

Ryman Healthcare Ltd said yesterday it had bought its third retirement village site in Melbourne’s eastern suburbs.

The New Zealand company will redevelop the 2.5ha site in Burwood East into a $200 million ($A183 million) retirement village for over 400 residents, with independent living apartments & an aged-care centre which will include specialist dementia care. The new village will also have a swimming pool, café, gym, beauty salon, library, movie theatre & bowling green.

Ryman has entered into an unconditional contract to buy the site, which is part of a Frasers Property Australia redevelopment of the 20.5ha former Burwood East brickworks.

Frasers Property Australia has plans for a $A500 million-plus redevelopment of the site, which will include 900 homes and a large retail centre.

Ryman opened its first Australian village at Wheeler’s Hill in Melbourne’s eastern suburbs in 2014 and is developing a second village at Brandon Park. Managing director Simon Challies said Ryman’s in-house team would design the new Burwood East village, and the company intended to apply for planning permission in late 2016.

Mr Challies said the Burwood East purchase put Ryman on track to fulfil its ambition of opening 5 villages in Melbourne by 2020.

Fletcher nets $85 million from Rocla divestment

Fletcher Building Ltd said on Friday it had completed the $A150 million divestment of Rocla Quarry Products assets to Hanson Construction Materials Pty Ltd, following clearance from the Australian Competition & Consumer Commission and Foreign Investment Review Board.

In addition, Fletcher said it had sold Rocla assets excluded from this transaction to other parties for an extra $A44 million.

Fletcher said it would make an $A77 million ($NZ85 million) after-tax profit from the Rocla sales, less transaction costs & adjustments to asset carrying values.

This transaction doesn’t affect the ownership of Fletcher Building’s Rocla Pipes & Concrete Products or GBCWinstone businesses, which remained core elements of its portfolio.

Warehouse moves to Atrium on Elliott

The Warehouse Group Ltd has secured a long lease in the Atrium on Elliott for an 1800m² store to replace its second-floor premises in the Downtown Shopping Centre, which Precinct Properties Ltd will demolish to make way for its new Commercial Bay development.

The Atrium on Elliott shop opened last week and the Downtown shop will close in May.

The Atrium on Elliott is a 14,000m² 4-level enclosed shopping centre & food court at the base of the Crowne Plaza Hotel & BDO Tower.

Alison Laity, director of Atrium owner Colwall Property Ltd, said: “Having the Warehouse opening alongside existing large-format retailers Rebel Sport & No 1 Shoe Warehouse has greatly boosted our leasing inquiry. We just wish we had more space to lease. Currently we have limited opportunities available within the centre, and we expect these to be snapped up quickly – especially with the impending closure of Downtown shopping centre.”

Ethics standards for property sector out to global consultation

FIABCI (the International Real Estate Federation) has won the support of 63 land, property & construction professional bodies & standard-setting organisations for a global consultation on ethics principles.

The international ethics standards coalition launched its consultation document this week and will close the consultation on 30 April.

Consultation document

Earlier story:
19 August 2015: International ethics standards coming for real estate professionals

Attribution: Company releases, FIABCI.

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Ryman underlying profit up 6% as 4 more villages near completion

Ryman Healthcare Ltd’s underlying profit rose 6% to $70.3 million in the first half, and valuation gains lifted the reported profit after tax by 23% to $132.6 million.

Ryman chair David Kerr said on Friday the retirement village developer & operator’s operating cashflows reached a record $157 million for the half-year.

Residents will move into 4 new villages over the next 6 months, and the company confirmed it was on track to achieve 15% underlying profit growth for the full year.

2 of those villages, Petone & Pukekohe, are due to open by Christmas. Birkenhead & Rangiora will open next year. Ryman has another 4 villages awaiting consent – Greenlane, Devonport & Tropicana in Auckland and Brandon Park in Melbourne – and 4 more planned. 3 of those are in the design phase, for Newtown in Wellington, River Rd in Hamilton and an undisclosed New Zealand site. The fourth, in the due diligence phase, is for an undisclosed Melbourne site. Brandon Park & Tropicana will both host over 600 residents.

Dr Kerr said: “We’ve got more building activity going on than ever before, which gives us great confidence about the second half.”

Just over 160 units were completed in the first half and 950 units & beds should be completed for the year: “Our new villages are selling off the plans faster than ever before because we are building in areas where there is a real need.”

Dr Kerr said a contract had been signed to buy a third site in Melbourne and confirmation was imminent.

The company expects to have 5 villages in Melbourne by 2020 and to lift total resident numbers by 70% to 15,500 in the same year.

Ryman shareholders will receive an interim dividend of 7.3c/share (up 16% from 6.3c, no imputation credit) payable on 11 December.

Result highlights:

  • Underlying profit up 6% to $70.3 million ($66.3 million)
  • Operating revenue up 16% to $126.8 million ($109.2 million)
  • Fair value movement of investment properties up 28% to $119.3 million ($93.6 million)
  • Total income up 21% to $246.1 million ($202.7 million)
  • Pretax net profit up 28% to $135.4 million ($106.1 million)
  • Net profit attributable to shareholders up 23% to $132.6 million ($107.9 million)
  • Earnings/share (basic & diluted) up 23% to 26.5c/share (21.6c)

Attribution: Company release.

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Ryman lifts underlying profit 15.3% & plans 5 Melbourne villages

Ryman Healthcare Ltd reported a record underlying profit for the 13th consecutive year, this time up 15.3% to $136.3 million, and said it had set itself a target of opening 5 retirement villages in Melbourne by 2020.

Valuation gains lifted the net profit after tax by 24.2% to $241.9 million.
Ryman reports underlying profit because it excludes deferred tax, tax expense & unrealised gains on investment properties, as these items don’t reflect the trading performance of the company. Underlying profit determines the dividend paid to shareholders.

Chairman David Kerr said Ryman would pass on its success with a 15% increase in dividend. The final dividend is 7.3c/share (6.2c), taking the total to 13.6c/share.

Sales reached a record 1175 units, up 20%.

Dr Kerr said Ryman had doubled in size in 5 years and was on track to keep on growing. Its construction team is working on 5 new villages – Wheelers Hill in Melbourne (Weary Dunlop), Howick (Bruce McLaren), Pukekohe, Birkenhead & Petone (Bob Scott).

The company expects to start work on new villages in Rangiora & Greenlane this year, will also begin its second Melbourne village at Brandon Park, and is looking to expand its landbank again in both countries.

Ryman owns & operates 30 retirement villages in New Zealand & Australia, occupied by 9000 residents and with 4000 staff.

Other financial details:

  • Operating revenue up 15.3% to $136.3 million ($118.2 million)
  • Total operating revenue up 11.8% to $227.1 million ($203.2 million)
  • Fair value movement of investment properties, up 25.1% to $217.6 million ($174 million)
  • Total income up 17.9% to $44.7 million ($377.2 million)
  • Pretax net profit up 19.1% to $242 million ($203.3 million)
  • Net profit attributable to shareholders up 24.2% to $241.9 million ($194.8 million)
  • Earnings/share (basic & diluted) up 24.2% to 48.4c (39c).

Attribution: Company release.

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Ryman gets consent for Pukekohe village

Ryman Healthcare Ltd has secured resource consent for a $100 million retirement village in Valley Rd, Pukekohe, and has started earthworks on the 6.58ha site.

Managing director Simon Challies said on Friday the company’s construction team aimed to hand over the first stage of the village early next year.

Mr Challies said the Auckland region’s fastest growing retired population lived in the Franklin district, the number of retirees there had grown by 50% to 9000 in the last 7 years, and nearly 400 prospective buyers had been in touch with Ryman since it bought the site last June.

The village will include 2- & 3-bedroom independent townhouses, apartments and an aged-care centre. The aged-care centre will include resthome, specialist dementia & hospital-level care. Amenities will include a gym, bowling green, beauty salon, chapel, movie theatre, bar & an indoor swimming pool.

Ryman owns 30 villages and serves over 8000 residents in New Zealand & Australia.

Attribution: Company release.

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Ryman lifts underlying profit & dividend 13%, portfolio tops $3 billion

Ryman Healthcare Ltd posted another record result in the September half – underlying profit up 13%, a matching dividend increase and confirmation that the retirement village developer, owner & operator is on target to achieve 15% growth in the full year.

The underlying half-year profit was $66.3 million ($58.5 million a year earlier). Unrealised valuation gains lifted the reported profit after tax by 38% to $107.9 million ($74.8 million). Basic & diluted earnings/share rose 38% to 21.6c (15.7c).

The interim dividend has been raised by 13% to 6.3c/share.

Chairman David Kerr said today the result was driven by a lift in pricing and strong sales volumes as Ryman’s village portfolio grew.

The company built a record 450 beds & units in the first half and its total assets passed the $3 billion mark – double the size of the asset base 4 years ago.

Dr Kerr said the first stages of Ryman’s new village in Howick had opened and work would begin soon on a new village at Birkenhead.

The company is carrying out detailed planning & design work on new villages at Pukekohe, Greenlane, Lynfield & Devonport, and construction is under way at the new Petone village, which will open in mid-2015.

Dr Kerr said Ryman would do more than $800 million of development in Auckland over the next 5 years.

Ryman’s expansion into Australia continued to track ahead of projections: “We opened our first village in Melbourne and bought a second village site at Brandon Park. Sales at our first village exceeded our expectations and that’s given us the confidence to plan for more expansion. We’re looking for more sites in Melbourne.’’

Ryman villages are home to more than 8000 people in New Zealand & Australia, including 4000 residents in care. Dr Kerr said the company had expanded its landbank, giving it the potential to build another 4000 units & beds.

Attribution: Company release.

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Ryman opens first Melbourne village

Ryman Healthcare Ltd officially opened its first retirement village in Melbourne yesterday, the $150 million Weary Dunlop village in Wheelers Hill, an eastern suburb in the city of Monash.

The village was named in honour of war hero, surgeon & former Wallaby Sir Edward ‘Weary’ Dunlop.

It will eventually be home to more than 400 residents.

Ryman’s second Melbourne site, at Brandon Park, will be developed once Weary Dunlop is complete.

Attribution: Company release.

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