Summerset Purchases Land for First Tauranga Village

NZX & ASX RELEASE 5 OCTOBER 2018 SUMMERSET PURCHASES LAND FOR FIRST TAURANGA VILLAGE Summerset today announced it has purchased land to build its first Tauranga retirement village. The eight hectare property in Papamoa Beach is four kilometres east of the town centre, and approximately 11 kilometres from Tauranga Central Business District. Summerset CEO Julian Cook said the company had been looking at Tauranga for some time and the area was underserved by villages offering a continuum of care for residents. "We are delighted to invest in the rapidly growing Tauranga region," Mr Cook said. Mr Cook said the new village will have around 280 homes, including two and three-bedroom villas, and serviced apartments. In addition, the village will provide a care centre with rest home and hospital level care, and a memory care centre with Summerset's new concept of memory care apartments. The memory care apartments offer people living with dementia their own one-bedroom apartment with living space and bathroom in a secure environment. Total investment in the village construction will exceed $150 million and will employ at least 250 people during the building phase. The new village is expected to open in 2020 and will provide up to 40 permanent jobs in the region. Summerset is on track to build 450 retirement units across its New Zealand villages this year. It already has 23 villages completed or in development. The Tauranga land purchase brings the company's number of greenfield sites to nine across the country. ENDS For investor relations enquiries: Scott Scoullar Chief Financial Officer scott.scoullar@summerset.co.nz 04 894 7320 or 029 894 7317 For media enquiries: Jenny Bridgen Senior Communications Advisor jenny.bridgen@summerset.co.nz 04 830 1106 or 021 408 215 End CA:00324901 For:SUM Type:TRANSACT Time:2018-10-05 08:32:53