A quick look at the Lodge website indicates that the main building opened as a Maternity Hospital in 1924 and seems to have been completely refurbished when the property was originally acquired by the Main Family, owners since 1992. It says 28 2-bedroom villas, 8 of which are new, somewhat at odds with the announcement which says 40 units although that may include Assisted Living Apartments. Operates also as a Rest Home and Respite Centre with hospital level and day care facilities. I'm not clear about the adjoining parcels which are included in the transaction but presumably they encompass the future development potential.
Hard to understand NTA per share just now, after the UCG acquisitions in May and the Matamata Country Lodge settlement in September along with the share issue to the vendor that part funded the latter transaction.
Sign of sleepiness/lack of initiative when you look at the website and see that the blurb re the mix of leasehold and freehold properties has not been changed to adjust for these transactions.
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Originally Posted by kiwimalayalee
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