Summerset Buys Third Property in Victoria

NZX & ASX RELEASE 10 March 2021 Summerset buys third property in Victoria for retirement village Summerset today announced the purchase of property in the desirable suburb of Chirnside Park, northeast Melbourne. This is the New Zealand retirement village operator's third acquisition in Victoria since September 2019. The proposed NZD$170 million retirement village will offer over 200 retirement units, ranging from one to three-bedrooms and including independent and supported living arrangements. The village will have a care centre and specialist memory care centre for people living with dementia. Amenities for residents will include a bowling green, swimming pool, cafe, hairdressing and beauty salon. Summerset Chief Executive, Julian Cook, said Chirnside Park was a sought-after area for retirement living with few quality options available. "The over-75 population in Chirnside Park is forecast to grow by 60% over the next decade. Our retirement villages include supported living and a residential care centre, making it easy for residents to move when their needs change." The site, at 266-268 Maroondah Highway, is a short distance from the Maroondah Golf Park and Chirnside Park shopping centre, and on bus routes to nearby train stations. Meanwhile, Summerset's first Australian retirement village in Cranbourne North was progressing well, with development approval expected shortly. "Our Cranbourne North village designs are well progressed and we're looking forward to providing the area with modern retirement living options," Mr Cook said. Summerset also holds land in Torquay, on the Bellarine Peninsula, purchased in February 2020. ENDS For investor relations enquiries: Scott Scoullar Chief Financial Officer & Deputy CEO scott.scoullar@summerset.co.nz 04 894 7320 or 029 894 7317 For media enquiries: Jenny Bridgen Communications Manager jenny.bridgen@summerset.co.nz 04 830 1106 or 021 408 215 End CA:00368862 For:SUM Type:TRANSACT Time:2021-03-10 08:30:36