Overseas investment decision for case 202600486 - NZ Healthcare Holdco Limited

Existing leasehold interests (retrospective application) and future freehold and/or leasehold interests in approximately:

• 0.2338 hectares at 172 Metcalfe Road, Ranui;
• 0.209 hectares at 1001 Frederick Street, Mahora, Hastings;
• 0.1012 hectares at 338 Wicksteed Street, Whanganui; and
• 0.1683 hectares at 18 and 20 Chadlington Avenue, Henderson Heights.

Withheld under s9(2)(b)(ii) of the Official Information Act 1982

The consideration payable for the future leasehold and/or freehold interests will be dependent on each transaction.

The Applicant is ultimately 77% owned by two Australian investment fund groups.

The Applicant is the ultimate owner of ABI Rehabilitation New Zealand Limited, Evolution Rehab Limited and Proactive Rehab Limited (subsidiaries) which provide community rehabilitation and healthcare services to patients.

This was a retrospective application as the subsidiaries acquired leasehold interests over the 3-year maximum term in the residential properties.

The Applicant self-reported to LINZ when it became aware that the acquisition of the existing leases was in breach of the Act and retrospective consent was considered to be appropriate given the inadvertent nature of the breach.

The Applicant has been granted retrospective consent and consent to enable the subsidiaries to enter into longer term leases or acquire freehold interests in these properties (should the opportunity arise) within the next 5 years. The use of the land will not change as a result of the transactions.

Consent was granted as the Applicant has met the investor test criterion and the investment is likely to result in either non-residential use or incidental residential use of the land.