Retirement living and aged care

Making confident decisions in a complex capital environment

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  • May 13, 2026
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Matt Stubbs - Retirement living and aged care: Making

Find out how Matt Stubbs, an Associate Director in PwC’s Real Estate team helps leaders assess feasibility, funding options and transaction pathways, with connected tax, accounting and legal support.

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Demand fundamentals for retirement living and aged care remains strong, but the real estate decisions underpinning the sector are complex. Development costs and delivery risk have increased, capital is more selective, debt is more demanding and stakeholders expect clear evidence that plans are financially sustainable and operationally optimised.

In this environment, boards and executive teams need confidence that capital is being used for projects that are viable, deliverable and aligned to the operating model. PwC’s Real Estate Advisory team helps to bring clarity to these decisions. 

PwC can support decision-making throughout the ownership lifecycle - from early-stage assessment and options analysis through to sell-side execution - across both individual assets and full portfolios. We work with listed operators, not-for-profits and independent villages, and understand that each have different objectives and require unique approaches.

Our experience includes:

Feasibility and development analysis for both new and existing facilities- underpinned by bespoke modelling and cashflow forecasting.

Supporting with capital restructuring - including evaluating funding and structure options, development and operational cashflows and governance expectations.

Transaction support - including acting as the sell-side advisor for one of the largest retirement village portfolio divestments in the last five years.

With relationships across the sector, our advice is supported by active and ongoing experience across diverse engagements throughout New Zealand. 

In addition, there are tax, accounting and legal considerations that are unique to the sector and can materially influence outcomes at every stage of the lifecycle. Through PwC’s in-house specialists, we provide connected, end-to-end advice to ensure that decisions are robust and implementable.

To discuss how we can support your organisation, please get in touch with PwC’s Real Estate Advisory team.

About the Author

Matt Stubbs
Matt Stubbs

Associate Director, Real Estate, PwC New Zealand

Chagalle Ellis
Chagalle Ellis

Partner, Advisory, PwC New Zealand

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