| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 17 March 2020 |
| Pathway(s) | Sensitive land – benefit to New Zealand Residential land – increased housing Residential land – non-residential use |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 12.94 hectares of land at 486 Main North Road, Northwood, Christchurch. |
| Consideration | $12,900,000 |
| Applicant | Ryman Healthcare Limited New Zealand Public (44.5%) United States Public (13.0%) Geoffrey Alexander Cummings, New Zealand (10.2%) Kevin James Hickman, New Zealand (7.2%) Germany Public (6.6%) Australian Public (5.0%) Various overseas persons (13.5%) |
| Vendor | PSPIB/CPPIB Waiheke Inc. Canada Pension Plan Investment Board, Canada (50.0%) Canadian Government (50.0%) |
| Background | Ryman Healthcare Limited (the Applicant), an NZX listed company, seeks consent to acquire approximately 12.94 hectares of sensitive land located at the corner of Radcliffe and Main North Roads, in Northwood, Christchurch (the Land). The Applicant has operated retirement villages in New Zealand since 1984 and has 34 retirement villages across 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 seeks to construct a new comprehensive care retirement village on the Land which will house 318 units comprising a range of different accommodation options. This development is expected to create jobs and increase the number of aged-care units available in New Zealand. Part of the Land will also be vested with Christchurch City Council to assist in managing flood hazards to the Applicant’s proposed retirement village. |
| More information | Andrew Woods Chapman Tripp PO Box 2510 Christchurch |