| Decision | Consent granted Section 13(1)(a), Section 16(1)(b)(i)(C)&(D) |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 21 September 2023 |
| Pathway(s) | Significant Business Assets Sensitive land - Residential land development (one off) |
| Investment | Acquisition of 100% of the issued shares of InvoCare Limited, including the acquisition of freehold interests in approximately 3.13 hectares of land and leasehold interests in approximately 4.56 hectares of land. |
| Consideration | Exact amount of New Zealand assets uncertain but in excess of $100,000,000 (Overall scheme consideration AUD$1.8 billion) |
| Applicant | Eternal Aus HoldCo Limited Singapore (26%) United Arab Emirates (15%) Canada (12%) Cayman Islands (11%) South Korea (8%) United States of America (6%) China, People's Republic of (6%) Various (16%) |
| Vendor | InvoCare Limited Australia (100%) |
| Background | The Applicant is an entity ultimately owned by funds managed or advised by TPG Capital Asia or its related entities. The Applicant seeks to acquire 100% of the shares in InvoCare Limited, an Australian company which operates funeral homes, cemeteries, and crematoria. Through the transaction the Applicant will acquire seven interests in sensitive land. The land is residential land that is used, and will continue to be used, for the purpose of providing funeral services and staff accommodation. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to result in a non-residential use outcome and an incidental residential use outcome. |
| More information | Josh Blackmore Chapman Tripp Level 6 Deloitte Building 20 Customhouse Quay, Wellington 6011 |