The company is buying the Waterford complex on Hobsonville Point in Auckland which comprises of 64 independent living villas and 36 independent living apartments.
It is also buying 6.1 hectares of land in Franklin, South Auckland, part of which has a care-only facility on it. Oceania planned to develop an integrated village, with housing and care facilities.
It said it would raise $80m through a share issue to big investors and funds at $1.30 a share, while existing shareholders would be offered $20m worth of shares. The offer price is a 6.5 percent discount to the closing price on Monday. Trading in Oceania shares was halted until the investment offer was completed.
The company said the acquisitions fitted its longer term strategy.
"Oceania is now well positioned to leverage its established operational platform to pursue a wider range of organic and inorganic growth opportunities," the company said in a statement.
The company said the two sites would add 275 units to its portfolio, lift earnings, and open up opportunities in areas that were short of such aged care services.