Decision number200520064
Application number200520055
Date30 September 2005
Offeror/applicantRetirement Care (NZ) Limited
Ultimate applicant beneficial ownership50 percent - Australia, Macquarie Specialised Asset Management Limited as responsible entity for Macquarie Global Infrastructure Fund IIA
50 percent - Australia, Macquarie Specialised Asset Management 2 Limited as responsible entity for Macquarie Global Infrastructure Fund IIB
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)The Salvation Army Property (New Zealand) Trust Board of New Zealand
Business activitiesHealth & Community Services - Health Services
Details of land involved2.2734 hectares of freehold situated at 188 Songer Street, Nelson being CT NL8B/233 (Nelson Registry).
Regions involvedNelson/Marlborough
Various
Total considerationCONFIDENTIAL
Consent sought

To acquire:

  1. property being to acquire 11 aged care businesses and associated aged care facilities from The Salvation Army; and
  2. an estate or interest in land which together with any associated land exceeds 0.4 hectares and includes/adjoins land that exceeds 0.4 hectares which is provided as a reserve, a public park, for recreation purposes, or a private open space.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment.  The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The proposed acquisition is part of the current focus of certain Macquarie Bank managed funds on the aged care sector.  The Macquarie Group is currently focusing on this sector as an area of international expansion and proposes to bring the benefits of international best practice and substantial capital backing to this industry in New Zealand.

The proposal is likely to result in increased efficiencies in the aged care and retirement village industries in New Zealand.  This is likely to result in enhanced domestic services for persons requiring aged care and retirement village services.

ContactEd Crook/Dan Arapere
Russell McVeagh
P O Box 8
AUCKLAND