Forest Lake Gardens Properties Limited

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	21 December 2011
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.3460 hectares of land at Minogue Drive, Hamilton.
Consideration	$287,500
Applicant	Forest Lake Gardens Properties Limited Waikato Racing Club Incorporated, New Zealand (45.0%) New Zealand Public (17.7799%) Arcus Holdings (NZ) Limited, New Zealand (17.545%) Australian Public (14.6449%) Various overseas persons (5.0302%)
Vendor	Waikato Racing Club Incorporated New Zealand (100%)
Background	The Applicant intends to acquire the Land to expand the adjoining Forest Lake Gardens retirement village by constructing a further 10 units. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 17(2)(a)(i) – Creation/Retention of jobs 17(2)(a)(iv) – Added market competition/productivity 17(2)(a)(v) – Additional investment for development purposes Overseas Investment Regulations 2005 28(e) – Previous investments 28(f) – Advance significant government policy or strategy 28(j) – Mitigating Factor
More information	Reuben Woods DLA Phillips Fox (Auckland) PO Box 160 AUCKLAND Jess Hogan DLA Phillips Fox (Auckland) PO Box 160 AUCKLAND

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