Suzanne, who also was CEO of Levande and MD of Bupa Villages and Aged Care Australia, and EGM of Residential Communities for Australia Unity, is leaving Australia.
Melbourne-based, she will take over as CEO of Auckland-based retirement village operator Oceania Health from 22 July 2024. She held the position as CEO at Levande for seven months and before that, was Industrial Advisor for EQT, the Swedish investment fund that acquired the Stockland portfolio that became Levande.
Since April 2023 she has been an External Advisor for management consultant firm Bain & Company, which purchased Estia.
Suzanne replaces Brent Pattison who announced his decision to step down in February 2024.
Oceania, which has opened the new NZ$150 million The Helier, in the affluent Auckland suburb of Saint Heliers, has announced full year profit to March 31 with reported net profit after tax of NZ$31.5 million.
Unaudited net profit after tax rose 6% to NZ$62.1 million and total assets increased to NZ$2.8 billion. Operating cash flow was up from NZ$70.2 million to NZ$85.4 million reflecting increased proceeds from first time sales and resales during the period. Revenue rose from NZ$247 million last year to NZ$265 million in 2024.
Oceania now has 43% of its care residences in care suites which are a more luxurious form of hospital-level care. These highly profitable care suites are licensed to residents under an occupation rights agreement model.
“Care suites deliver additional capital and deferred management fee income to the business and improve free cash flow growth as deferred management fees for care suites is realised faster than deferred management fees for villas and apartments," Brett said.
“We continue to see high levels of demand for our care suites, with 258 care suites sold in the year ended March 31, 2024 compared to 256 in the year ended March 31, 2023.”
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