|Date||30 September 2005|
|Offeror/applicant||Retirement Care (NZ) Limited|
|Ultimate applicant beneficial ownership||50 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 current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||The Salvation Army Property (New Zealand) Trust Board of New Zealand|
|Business activities||Health & Community Services - Health Services|
|Details of land involved||2.2734 hectares of freehold situated at 188 Songer Street, Nelson being CT NL8B/233 (Nelson Registry).|
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.
|Contact||Ed Crook/Dan Arapere|
P O Box 8