Funding

Summerset Group consider fifth bond offer to continue development growth

Feb 26 2024 Updated February 26, 2024

Ian Horswill

1 min read

The leading New Zealand continuum of care operator and developer is expected to ask for up to NZ$75 million, with the ability to accept up to NZ$50 million in oversubscriptions, from New Zealand investors only.

“Another bond issue would provide additional diversification of funding sources and tenor while allowing Summerset to continue its strong, well-managed development growth,” said Chairman Mark Verbiest (pictured).

Summerset Group, which has two villages in development in Melbourne (Cranbourne North (pictured) and Chirnside Park) and 38 villages completed or in development in New Zealand, made retail bond issues in June 2017, September 2018, September 2020 and March 2023. Full details of the latest six-year bond offer will be released in the week beginning 26 February 2024, when the offer is scheduled to open.

Summerset has five proposed retirement village sites in Australia (Craigieburn, Drysdale, Mernda, Oakleigh South and Torquay in Victoria) and six sites in New Zealand.

Browse villages.com.au for the latest on Seniors Living including availability.

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