Metlifecare, which was bought by Swedish equity fund EQT in October 2020, has bought two retirement villages in New Zealand’s South Island.

CEO Earl Gasparich, who said continuum of care is the new norm at the 2020 LEADERS SUMMIT, said buying Merivale-Willowlea Holdings’ Merivale Retirement Village and The Village Palms, both in the city of Christchurch, will see Metlifecare return to the South Island, further enhancing its geographical presence in New Zealand.

The acquisition of the Christchurch villages follows Metlifecare buying a premium 5.42ha greenfield development site in the Wānaka region of the South Island.

“The acquisition of these two premium villages in Christchurch is another step towards diversifying Metlifecare’s geographical footprint across New Zealand, enhancing our development landbank through the further expansion potential at the Merivale village, and strengthening the company’s aged care offering – all important objectives in our growth strategy,” Earl said (pictured).

The transaction is due to complete in the fourth quarter of 2022 should all conditions be met.

EQT’s $987 million purchase of Stockland’s Retirement Living division was finalised in August and the global investment firm then announced Levande as its brand.