NZ investment business Infratil released its FY2023 annual results yesterday, showing its 50% stake in RetireAustralia is worth holding onto for the foreseeable future.
It was in March last year that Infratil and joint owner NZ Super Fund announced a strategic review of its shareholding in RetireAustralia, which Infratil and NZ Super Fund abandoned in November.
It’s easy to see why, with RetireAustralia integrating care into their retirement villages:
- The number of residents has increased to 5,225 (up from 5,127 12 months earlier);
- It has 552 serviced apartments (up from 500 a year ago);
- It has 3,583 independent living units (up from 3,564 12 months earlier);
- Resale profit is $154,666 per unit (up from $135,665 a year ago);
- New units are now selling for $701,844 (compared to $676,941 12 months previous)
“Demand for RetireAustralia’s retirement villages continues to be strong with 432 sales during the year and waitlists now in place for over 75% of its villages. The integration of care into villages is continuing, using a combination of RetireAustralia’s own home care services and partnerships with select local care providers,” Infratil Chief Executive Jason Boyes said.
RetireAustralia, which made an underlying profit of $30.3 million, down from $56.5 million 12 months earlier, forecasts it can develop over 200 apartments annually for the next three years, with forecast sales of 520-560 units in FY2024.
As reported last Tuesday, RetireAustralia has bought more development land in QLD.
Infratil recorded a statutory net profit for the 12 months through March of NZ$891.7 million, down 28%, on revenue of NZ$1.85 billion.
