Arvida Acquires Kerikeri Land

Arvida has entered into unconditional agreements to acquire 18-ha of land in Kerikeri to build a new retirement village. Arvida CEO Bill McDonald said the site is on flat land less than 1km from the town centre and zoned residential. "With a great climate, Kerikeri is an attractive retirement location with a real shortage of care options in the area. We are delighted to secure a prime site with capacity for development of a village that will be integral to the wider community." Arvida plans to build an integrated aged care and retirement village that will offer a range of retirement living options including independent living villas, a care facility and multiple community facilities. Mr McDonald said, "the village will help provide for the expected 60% increase in people aged over 75 years in the Kerikeri and surrounding area within the next decade and bring new employment opportunities to the region." Work on planning approvals will commence immediately. The Kerikeri land is Arvida's second acquisition of a greenfield development site. Development at the 8.5-ha greenfield site in Richmond, Nelson is progressing to plan, with resource consent expected to be received in August for the 267-unit development. Bulk earthworks have already commenced on site. Arvida has development projects in progress at 9 sites currently. The first stages of planned developments at Aria Bay and Park Lane were recently completed delivering 25 and 28 apartments respectively. Residents commenced moving into new apartments at Aria Bay in June and into Park Lane in August. Planning for the next stages of development at both these villages has commenced. An update on development activity in progress is provided in the table appended. Arvida confirms a total of 111 new units are expected to be delivered in the current financial year. - ENDS - For more information contact: Bill McDonald, Chief Executive Officer, Arvida Group Limited Telephone: 021-270-3669 or email: bill.mcdonald@arvida.co.nz Jeremy Nicoll, Chief Financial Officer, Arvida Group Limited Telephone: 021-403-665 or email: jeremy.nicoll@arvida.co.nz End CA:00321987 For:ARV Type:GENERAL Time:2018-08-10 08:30:29