Australia: Summerset purchases land for first Australian village

Julian Cook, chief executive officer, Summerset

Summerset Group, New Zealand’s second-largest listed retirement village operator, has acquired land for its first village in Australia. Financial terms have not been disclosed, but the group said that acquisition and subsequent development costs would be funded from existing bank facilities. The eight-hectare property is in Cranbourne North, a suburb of Melbourne. “We have made…

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