| Decision | Standing Consent (Increased Housing test) granted Sections 12(a) and 23A Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 24 July 2019 |
| Investment | Overseas investments in sensitive land, being Ryman’s acquisition of interests in residential (but not otherwise sensitive) land. |
| Consideration | Not yet determined. |
| Applicant | Ryman Healthcare Limited New Zealand (68.4%) United States of America (10.7%) Australia (3.6%) Canada (2.2%) United Kingdom (2.1%) Various (less than 2%) (13%) |
| Vendor | Not yet determined. |
| Background | Ryman is a publicly-listed retirement village operator in New Zealand that acquires residential land to develop into retirement villages, being long-term accommodation facilities under the Act. We are satisfied Ryman has demonstrated that residential land acquired under this standing consent is likely to be used in the construction of, or an increase of the number of dwellings in, a long-term accommodation facility, per Schedule 2 of the Act. This standing consent (for a maximum of 20 transactions by 31 July 2022) will permit Ryman to acquire up to a total of 500 hectares of residential (but not otherwise sensitive) land in New Zealand. |
| More information | Andrew Woods Chapman Tripp PO Box 2510 CHRISTCHURCH |