The Group has acquired Mary Doyle Lifecare, Strathallan Lifecare and 50% of Village at the Park Lifecare from Hurst Lifecare, increasing its villages to 29 – an impressive result considering they only debuted on the NZX in 2014.
The new villages feature 1,761 care beds and 1,752 retirement units which Arvida estimates will add another $9M in underlying profit to its FY18 figures.
Brownfield developments planned for Village at the Park and Mary Doyle will also add another 110 units over the next four years.
It’s another good news story for the private operator which doubled its net profits in 2016/17.
Perhaps no surprise then that Hurst have opted to receive a “significant” portion of the purchase price in Arvida shares at market price.