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Promisia Healthcare to buy Christchurch retirement village for $25m
['Rebecca Stevenson']
BusinessDesk | NZ breaking news and commentary on business, NZX and politics
Promisia will seek shareholder approval for the acquisition in August.
(Image: Promisia Healthcare)Promisia Healthcare has agreed to buy Chatswood Retirement Village in Christchurch for $25 million in a deal it says will immediately lift underlying earnings and operating free cash flow.
The NZX-listed aged care and retirement village operator said on Thursday it had entered a conditional agreement to acquire the shares of the two companies that own and operate Chatswood in Opawa.
Chatswood has 100 beds and units, including 29 care beds, 42 care suites and 29 serviced apartments.
It provides rest home, hospital-level and assist...