Ryman construction sites quiet

AUCKLAND: Ryman Healthcare's two Melbourne retirement villages have been in lockdown for the past month and its construction sites are now quiet after Victoria ushered in tough antipandemic measures.

New Zealand's largest listed retirement specialist updated the market about the impact of the Victorian Government's latest restrictions to prevent the spread of Covid19.

Ryman shares have slid from $17 in January to $13.30 yesterday.

The business had told the market previously it had intended to have a significant portion of its assets in Australia as it expanded out of this country.

‘‘Ryman's two operational villages, Weary Dunlop and Nellie Melba, have been in lockdown for the past four weeks with visiting restricted and full pandemic infection control measures in place,’’ it said yesterday.

The Victorian Government on Monday announced an additional Level 4 lockdown restrictions for the next six weeks after hundreds of new cases of coronavirus were recorded daily and the death toll mounted.

‘‘These restrictions mean work at our Nellie Melba, Burwood East and Aberfeldie construction sites will be significantly reduced over the next six weeks.

‘‘Construction on our Highton and Ocean Grove villages, which are outside metropolitan Melbourne and are not subject to the Level 4 lockdown restrictions, will be able to continue in the meantime,’’ Ryman said.

‘‘At this early stage of the lockdown it is hard to predict what impact it may have on our previously communicated target of delivering 900 beds and units in the 2021 financial year,’’ it said.

Ryman is the largest listed company in the sector with 36 villages.

While the elderly proved particularly susceptible to Covid19, Ryman had no cases of infection at any of its 36 retirement villages in New Zealand or the three villages in Melbourne. — The New Zealand Herald