|Date||8 December 2005|
|Offeror/applicant||Global Retirement Trust|
|Ultimate applicant beneficial ownership||50 percent - Australia, Macquarie Bank Limited|
50 percent - Australia, FKP Limited
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Private Life Care of New Zealand Limited and PLC Longford Limited|
99 percent - New Zealand, Cronin (John Michael) and Adsett (Wayne Robert)
1 percent - New Zealand, Bethell (Gordon John)
|Business activities||Health & Community Services - Community Services|
|Details of land involved|
17.6526 hectares of freehold comprising:
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.
The Applicant, or a wholly owned subsidiary of the Applicant, proposes to acquire three retirement villages situated in the Auckland region known as the Hillsborough Heights Village, Hibiscus Coast Village, and the Longford Park Village, and the shares in the retirement villages management companies.
A wholly owned subsidiary of the Applicant previously received consent to acquire 100 percent of the shares in Metlifecare Limited which owns and is the operator of 13 retirement villages throughout New Zealand, incorporating nine nursing homes and six hospitals, providing care to over 2,000 residents (refer A200520064/D200520072).
The proposed acquisition is part of the current focus of the Applicant to expand further in New Zealand with a view to developing a world class retirement village business.
The proposal is likely to result in the following benefits:
|Contact||Ed Crook/Dan Arapere|
P O Box 8