Announcement

TRANSACT: SUM: Summerset Purchases Land for First Australian Village 08:30am 
SUM
24/09/2019 08:30
TRANSACT
NOT PRICE SENSITIVE
REL: 0830 HRS Summerset Group Holdings Limited

TRANSACT: SUM: Summerset Purchases Land for First Australian Village

NZX and ASX RELEASE

24 September 2019

SUMMERSET PURCHASES LAND FOR FIRST AUSTRALIAN VILLAGE

Summerset, New Zealand's fastest growing retirement village operator, today
announced the acquisition of land for its first village in Australia.

The eight-hectare property is in Cranbourne North, an established suburb in
the south-east of Melbourne. The site is located close to a number of
shopping centres, a golf course, public transport and will be adjacent to a
public reserve with walking tracks.

Summerset CEO, Julian Cook said the site was a good entry point for the
company's growth plans in Melbourne.

"We have made clear our plans for Melbourne for some time now and believe
this market is an attractive growth opportunity for us" Mr Cook said.

Mr Cook said Summerset's solid reputation for vibrant living and high-quality
care would stand the company in good stead in Australia and that Melbourne's
ageing population was underserved by quality retirement village and aged care
offerings.

"Summerset will be introducing its continuum of care retirement village model
to Victoria, which is not a common feature of many retirement villages there.
Our research indicates that there is strong demand for this style of
village." said Mr Cook.

"This site is well located with amenities close by, it is adjacent to a
public reserve and there is a strong population catchment. Village design is
progressing and we plan on including a signature main building along with a
number of single-level villas."

Mr Cook also noted that the Melbourne residential property market was
starting to recover after a period of decline, "over the last three months
residential prices in Melbourne have started to increase following around 12
months where prices declined approximately 11%. The demand for our retirement
living and aged care is not driven by the residential property market;
however, the stabilisation of the residential housing market does mean we are
entering the market at a good point in the property cycle."

Summerset began operations 22 years ago and is now firmly established in New
Zealand with 28 villages completed or in development and a further 10 sites
for future villages.

"Summerset started out as a family business. As we've grown we have stayed
true to the values of our founder. We put residents at the heart of
everything we do in New Zealand and we plan to do exactly the same in
Australia."

Summerset Chairman, Rob Campbell, said "the Board is pleased to have made
this step after a lengthy period of investigation. This site represents the
next stage in Summerset's ongoing growth as a business."

The site acquisition and subsequent development will be funded from existing
bank facilities.

ENDS

For investor relations enquiries:
Scott Scoullar
Chief Financial Officer and Deputy CEO
scott.scoullar@summerset.co.nz
04 894 7320 or 029 894 7317

For media enquiries:
Louise Nolan
Communications Advisor
louise.nolan@summerset.co.nz
022 6922 752
End CA:00341428 For:SUM Type:TRANSACT Time:2019-09-24 08:30:08

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