Decision number200610012
Application number200520137
Date9 February 2006
Offeror/applicantPrimeLiving Trust of Australia
Ultimate applicant beneficial ownership100 percent - Australia
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed100 percent
Offeree(s)/seller(s)Equity Partners Retirement Assets Limited
50 percent - New Zealand, Darby (John Gerard)
50 percent - New Zealand, Kerr (Ian) and Tinkler (Michael Owen) as trustees of the Kerr Investment Trust
Business activitiesHealth & Community Services - Community Services
Details of land involved

27.0271 hectares of freehold comprising:

  1. 12.6383 hectares situated at Knightsbridge Retirement Village, 127 Graham Collins Drive, Albany being CT NA123D/170 (North Auckland Registry); and
  2. 14.3888 hectares situated at Peninsula Club Retirement Village, 441 Whangaparaoa Road, Stanmore Bay, Albany being CT 97408 (North Auckland Registry).
Regions involvedAuckland
Various
Total consideration$130,883,000
Consent soughtTo acquire up to 100 percent of the securities of Primecare Holdings Limited.
Rationale

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, PrimeLiving Trust (PLT), is an unlisted Australian unit trust established to acquire and operate retirement villages in Australia and New Zealand. PLT proposes to acquire Primecare Holdings Limited (Primecare) which owns the Primecare retirement villages situated in the Auckland and Bay of Plenty regions and known as the Ocean Shores Village, Mayfair Village, Parklane Village, Knightsbridge Village, and the Peninsula Club Village. The Knightsbridge Village, and the Peninsula Club Village are land for the purposes of the Overseas Investment Act 2005. The Primecare retirement villages consist of 608 units and 333 apartments.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities;
  2. added market competition in the retirement village industry and
  3. enhanced domestic services for persons requiring aged care and
  4. retirement village services; and
  5. the introduction of additional investment for development purposes.
ContactKhim Nah
Simpson Grierson
Private Bag 92518
AUCKLAND