New Zealander retirement village and aged care facilities operator Arvida Group is paying $180 million to purchase a portfolio of villages.
Arvida has reached a deal to buy Bethlehem Country Club and Bethlehem Shores in Tauranga and the Queenstown Country Club from interests controlled by Sanderson Group, a retirement villages developer.
The company said that the deal, which adds 326 independent living units to its existing portfolio of 3,677 units and beds, aligns with its strategy to own quality villages of scale.
Arvida added that the move, which increases its development pipeline in key growth areas, is anticipated to close on July 31, subject to customary closing conditions.