One of the issues I have with Oceania is it’s what they don’t say or report …….and often what are they really saying when they do say something
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We could be more generous and acknowledge disclosures are not always easy in the listed sector. These potential transactions clearly do not raise any materiality issue, and no one wishes to cause alarm or distress to the residents especially when any transaction starts off by being conditional anyway.
I note that as at 31 March 2023 OCA disclose 10 sites are being actively marketed for sale (31 March 2022 - nil) and as such meet the definition of land held for sale. Of the two sites sold conditionally shortly after that date they disclose the carrying value is $10.2m. Given they are in Auckland, and if one assumes they have care beds only (ie no suites or ILUs) then the suspects are Green Valley Lodge and Te Mana on the North Shore, Amberwood in Waitakere and Takanini or Franklin in South Auckland. I don't have any information that could winnow these down further.
It can't be easy to on-sell care homes in the current environment, especially if you are concerned that any new operator be experienced and sets high standards. But OCA are obviously focused on adjusting the overall ratio of care beds to suites/ILUs which given the inadequacies of sector funding by Government is a good thing for holders as it reduces the extent of total reliance on subsidy.
Thanks for doing that bit of work Ronaldson. 2 Excellent posts and thanks for sharing.
Blis, Truscreen and Oceania top of NZX leaderboard now
OCA in good company …must be a good day for the markets
Oceania or somebody else?
https://www.nzherald.co.nz/business/...A3WGF4PXTPSMQ/
I would have thought the neighbours would be pleased if a retirement village were planned for the Guif Harbour Course. Ignoring the fact that the golf course itself (or the prior previous farmland) destroyed the pre-existing natural environment, at least it would mean there would not be dreaded social housing. I would have thought sedate middle-lass retired folk as neighbours would elicit a less hostile reaction.
However Perhaps the neighbours liked the boost to house prices that the fast increasing Auckland population brought but expected the necessary houses to accommodate it would be built in somebody else’s back yard…
Nimbyism exists because housing is so expensive in this country and it is a repository of such a big share of households’ nest eggs.