Metlifecare Ltd has agreed to sell its Wairarapa Village in Masterton to a group headed by Mark Durling for $6 million cash, subject to 2 conditions to be satisfied by 31 May.
The first is to get the statutory supervisor’s approval, including relating to the buyer’s financing & security arrangements, and the second is the transfer of the required Ministry of Health & district health board contracts for operation of the village’s care home.
Subject to satisfaction of those conditions, settlement is scheduled for 30 June.
Metlifecare chief executive Glen Sowry said last week: “Wairarapa Village operates in a market that has lower opportunities for growth for Metlifecare, due to local market dynamics & a less attractive real estate environment. This agreement presents an opportunity to reallocate the capital receipted from this sale to continue the company’s focus on greenfield & brownfield developments in high growth areas that represent stronger future yields.”
Mr Durling owns Medlands Beach Lodge Ltd, which runs the exclusive Medlands Beach Lodge on Great Barrier Island, and is a director & shareholder of NZ Life Care Ltd. He was previously a regional operations manager for Oceania Healthcare Ltd.
Attribution: Company release.