Oceania and Bupa expand retirement villages as Metlifecare reportedly eyeing sharemarket return
The first stage of Oceania Healthcare's new village in Pukekohe. Photo / Supplied by Oceania
Two big New Zealand retirement village businesses announced expansions in the past few days, while a third is being picked to relist on the Australian and New Zealand stock exchanges.
NZX-listed Oceania Healthcare and privately owned Bupa announced openings and a land purchase on Friday and Monday respectively.
Meanwhile, Metlifecare is the target of speculation in the Australian media about its new owner, EQT, relisting it on the exchanges to raise money.
New Pukekohe village
On Friday, Minister for Seniors Casey Costello cut the ribbon at the first stage of the new Oceania Healthcare Pukekohe property, Franklin Village.
Stage one is 31 villas, a community centre and a resident workshop on a $50 million-plus property.
The community centre has a cafe, cinema, resident lounge and bar, wellness centre and a swimming pool.
Villas were designed by Peddlethorp Architects.
Generation Homes built the villas and workshop, while Aspec Construction built the community centre.
Phase one has been developed next to Oceania’s Franklin Care Centre.
The full village is being developed in stages during coming years.
The construction of the Franklin Village stage was about $54m. That includes the cost of land acquisition, civil works and the construction of the new buildings.
New Mangawhai village planned
On Monday, Bupa New Zealand and Alvarium announced Bupa’s purchase of 13ha of land at Mangawhai.
Bupa plans to develop a new village and care home on the western side of the town.
Pedro Sanchez, Bupa New Zealand managing director, said the business had another new development at Wellington’s Whitby.
It was also redeveloping properties at Parkstone in Christchurch, Riverstone in Palmerston North and at Te Puke south of Tauranga, he said.
Bupa employs more than 22,000 people in the Asia Pacific region.
Metlifecare moves?
Metlifecare was once listed on the ASX and NZX but was delisted in 2020 when EQT bought it.
Now, the Australian Financial Review has reported Sweden’s EQT Partners is considering relisting.
An article in the Street Talk column said the company had hired a trio of brokers to lead the initial public offering.
The buyout giant had Macquarie Capital, Jarden and New Zealand’s Forsyth Barr as joint lead managers, the publication said.
A Metlifecare spokeswoman said it “routinely evaluates a range of strategic options to support our long-term growth and ability to serve residents and communities”.
“We do not comment on market speculation or the actions or decisions of our shareholders.”
Metlifecare in New Zealand is headed by Earl Gasparich.
In January, he told the Herald he expects this year to be a good one.
Gasparich is anticipating more sales in 2026 and for households to start spending again, while inflation remains in check.
“GDP growth will surprise us all by coming in stronger than expected: not a boom, but a solid, ‘ah yes, this is more like it’ kind of year, the sort where momentum builds and everyone feels just that little bit lighter,” he said.
Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.
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