| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 11 May 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1.3436 hectares of land at 1 Cargill St, Waikiwi. |
| Consideration | $4,000,000 |
| Applicant | Heritage Lifecare Villages Limited Australia (49.8%) New Zealand (16%) Cayman Islands (9.5%) USA (20.9%) Germany (2.4%) United Kingdom (1.4%) |
| Vendor | Bupa Care Services NZ Limited and Bupa Retirement Villages Limited British United Provident Association Limited, United Kingdom (100.0%) |
| Background | Heritage Lifecare Villages Limited has applied for consent to acquire Cargill Rest Home located at Cargill Street, Invercargill including approximately 1.3436 hectares of sensitive land. Heritage Lifecare Villages Limited and its parent entities own a large portfolio of existing aged care facilities located throughout regional New Zealand. This investment is likely to result in benefit to New Zealand as a result of the introduction of capital into New Zealand for development purposes through upgrading the Cargill facility. New Zealanders will also participate in the investment from an ownership and control perspective given their 16% ownership stake. |
| More information | Michael Pollard Simpson Grierson Private Bag 92518 AUCKLAND 1141 |