| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 30 October 2019 |
| Pathway | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 9.6112 hectares of land at Norfolk Drive and Laurent Road, Cambridge |
| Consideration | At least $14,875,000 plus GST (if any) |
| Applicant | Summerset Holdings Limited New Zealand Public (77.56%) United States Public (9.78%) Various overseas persons (12.66%) |
| Vendors | James Daniel Bourke & Landon Park Limited New Zealand (100%) Lu Trustee Limited & Ho No.2 Trustees Limited Hong Kong (SAR) (50%) New Zealand (50%) SD Holdings 2016 Limited New Zealand (100%) |
| Background | The Applicant is listed on the NZX and has 77.56% New Zealand ownership. The Applicant has operated retirement villages in New Zealand since 1997 and has 27 retirement villages (completed or under development) in New Zealand. Its retirement villages offer a range of types of care including independent living, assisted living, rest home care, hospital care and dementia care. The Applicant intends to develop a comprehensive care retirement village on the land that will be made up of approximately 290 retirement units and 43 care beds. Once construction is complete, approximately 30-40 full time jobs will be created to provide retirement village services to residents. |
| More information | Robyn Heyman Summerset Group Holdings Limited PO Box 5187 Wellington 6140 |