| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 24 April 2018 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the units in the Vital Healthcare Property Trust which owns or controls freehold, cross-lease and equitable interests in sensitive land. An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the units in the Vital Healthcare Property Trust, the value of those units being more than $100m. |
| Applicant | NWI Healthcare Properties LP Canadian Public (72.5%) Paul Louis Dalla Lana, Canada (25.5%) Various overseas persons (2.0%) |
| Vendor | Existing Unitholders in the Vital Healthcare Property Trust |
| Background | NWI Healthcare Properties LP (Applicant) is a healthcare property investor. It currently owns approximately 24% of the units in the Vital Healthcare Property Trust (Vital) and 100% of the shares in Vital Healthcare Management (Vital HM), Vital’s manager. We consider that the Applicant and Vital HM have undertaken previous investments that have been or are of benefit to New Zealand. We also consider that refusal to grant consent would be likely to have an adverse impact on New Zealand’s image overseas, particularly because the Investment is a major international transaction of which the sensitive land in New Zealand is a small component. |
| More information | Toby Sharpe |