25 Jun 2012

Retirement village site purchase approved

12:54 pm on 25 June 2012

Summerset Group has received Overseas Investment Office approval to purchase a 7.6 hectare site in Hobsonville in Auckland.

The retirement village operator plans to build its 16th retirement village on the land, which is formally known as Monterey Park.

OIO approval is needed because Summerset's major shareholder is the Australian company Quadrant Private Equity, which holds 56% of the company.