Applicant
Stonepeak Alps BidCo Limited
Case number(s)
202400526
Decision date
Type
Decision
DecisionConsent granted
Section 12(1)(b) and Section 13(1)(a) Overseas Investment Act 2005
Decision MakerToitū Te Whenua Land Information New Zealand
Decision date22 October 2024
PathwaysSensitive land - Farm land benefit test
Significant Business Assets
InvestmentAcquisition of 100% of the shares in Arvida Group Limited which has an interest in 186 hectares of sensitive land around New Zealand
Consideration$2,000,000,000
ApplicantStonepeak Alps BidCo Limited
Asia 38%
Middle East 33%
North America 16%
Various 13%
VendorArvida Group Limited
New Zealand 84%
Asia Pacific Region 7%
North American Region 4%
Various 5%
Background

The Applicant is ultimately owned through investment funds managed by Stonepeak Partners LP, an American investment firm which invests in infrastructure and real estate.

The Applicant is buying 100% of the shares in Arvida Group Limited (Arvida), an NZX listed entity, which owns and operates 35 retirement villages and aged care centres in New Zealand including 16 properties with sensitive land.

The Applicant intends to bring financial support to Arvida’s current business operations by investing capital to enable the development of approximately 1,000 new retirement village and aged care units across 13 development sites.

This application was subject to a national interest assessment due to the presence of non-New Zealand government investors from Asia and the Middle East. The Minister of Finance decided that the investment was not contrary to New Zealand’s national interest.

Consent was granted as the Applicants have met the investor test criterion and the investment is likely to benefit New Zealand. 

More informationGlenn Shewan
Bell Gully (Auckland)
PO Box 4199
Auckland 1140