Selwyn Foundation to increase charitable giving by up to $100m following Metlifecare acquisition

The Selwyn Foundation CEO Gary Smith and Metlifecare CEO Earl Gasparich

The Selwyn Foundation – an independent charity providing services and support for older people and their families – is set to increase its charitable capacity by up to $100 million over the next decade.

Metlifecare is poised to acquire six of Selwyn’s retirement villages (around half of Selwyn’s total retirement village capacity). The sales agreement is expected to be formalised in early 2022, following approval from the Overseas Investment Office.

Chief executive of the Selwyn Foundation, Garry Smith, says selling villages to Metlifecare will allow the charity to serve and support the people who need it most.

“To date, our primary focus has been within our villages, but the greatest need exists in the wider community. This pathway means that we’ll be able to do even more to support vulnerable older people and to help create brighter futures for those who are most disadvantaged,” explains Mr Smith.

Chair of the Selwyn Foundation, David Cunliffe, echoes this statement, calling current hardship among seniors a “perfect storm”.

“We see an increasing need amongst groups of older people, who are facing financial hardship and loneliness, with a quarter living alone. More are now entering retirement with little or no savings. It’s a ‘perfect storm’ which is having a negative effect on the wellbeing and quality of life for a growing number of older people who are more vulnerable as a result,” explains Mr Cunliffe.

The sales agreement includes villages in Whangarei, Auckland, Hamilton, Cambridge, and Wellington: Selwyn Park, Selwyn Heights, Selwyn Oaks, Selwyn Wilson Carlile, Selwyn St Andrew’s, and Selwyn Sprott.

Chief executive of Metlifecare, Earl Gasparich, says Metlifecare is “delighted to have reached this milestone with the Selwyn Foundation”.

Mr Gasparich adds: “We look forward to working closely with The Selwyn Foundation to ensure minimal disruption to staff and residents as we transition to Metlifecare ownership.”

Once the acquisition is finalised, this will bring Metlifecare’s total number of villages across the North Island to 32, comprising of 6,000 units and care beds, almost 7,000 residents, and more than 1,500 staff.