Summerset Villages (Nelson) Limited and Summerset Properties Limited

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	1 September 2011
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 8.0298 hectares of land at 16 Sargeson Street, Stoke, Nelson.
Consideration	$7,000,000
Applicant	Summerset Villages (Nelson) Limited and Summerset Properties Limited Australia (98%) New Zealand (2%)
Vendor	Gracefield Resort Limited New Zealand (100%)
Background	The Applicants are part of the Summerset Group which owns and operates retirement villages throughout New Zealand as well as care centres comprising hospitals, rest homes and/or clinics. They are acquiring the land in order to establish a Summerset retirement village in Nelson. The Applicants intend to significantly expand the vendor’s existing retirement village development. 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(j) – Mitigating Factor
More information	Miles Dean Minter Ellison Rudd Watts (Wellington) PO Box 2793 WELLINGTON

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