Metlifecare's NZ$100m-plus plans for 10 existing villages

Metlifecare, which was bought by Swedish equity fund EQT in October 2020, will spend NZ$100 million to add ageing in place services to 10 of its retirement villages in New Zealand. The Auckland-based retirement village owner/operator said work at eight villages will be converting existing buildings and a further two are demolitions with new-builds. Of the 10 villages, five have some care which will be expanded but at five other villages, higher-level full-time care will be introduced.

"We have identified the opportunity to convert serviced apartments at eight villages into premium care suites, providing fully-certified aged residential care, including rest home, hospital and palliative care," said a spokesperson for Metlifecare, which declared NZ$5 billion of assets in its latest annual report.

Higher-level care with aged and hospital-style facilities are also planned to be developed at an extra 10 new and as-yet unbuilt Metlifecare sites in the next six years, the spokesperson said, referring to greenfields areas where the business has development plans. Metlifecare, whose CEO is Earl Gasparich, increased revenue by 13% in the year ending 30 June, but suffered a 74% profit drop due to weaker property revaluations. Revenue rose from NZ$143 million in FY21 to $163m in FY22. Net profit after tax fell from NZ$307M to NZ$78.6M as last year's NZ$335M property revaluations sank to NZ$111M. In FY22 Metlifecare expanded significantly, paying NZ$212M for six existing retirement villages and a commercial laundry from the Selwyn Foundation. Around 1000 people live in those villages. EQT bought Stockland’s Retirement Living division for $897 million in August.