Decision number200610013
Application number200520136
Date15 February 2006
Offeror/applicantAMP New Zealand Retirement Properties Limited
Ultimate applicant beneficial ownership91 percent - Australia, Australian Public
9 percent - New Zealand, New Zealand Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed91 percent
Offeree(s)/seller(s)Existing shareholders in Summerset Holdings Limited
55.5 percent - New Zealand, Thompson (Craig John)
44.5 percent - New Zealand, New Zealand Public
Business activitiesHealth & Community Services - Community Services
Details of land involved

26.7962 hectares of freehold comprising:

  1. 17.1662 hectares situated at 1240-1248 Ada Street and Beatson Road, Hastings being CTs 190005, 190006, and HBK4/1096 (Hawkes Bay Registry); and
  2. 9.63 hectares situated at Joyce Adams Place, Waimaukau, Auckland being CT NA115A/261 (North Auckland Registry).
Regions involvedAuckland
Gisborne/Hawkes Bay
Various
Total consideration$125,280,000
Consent soughtTo acquire up to 100 percent of the securities of Summerset 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, a wholly-owned subsidiary of AMP Capital Investors (New Zealand) Limited, proposes to acquire 100 percent of the shares in Summerset Holdings Limited (Summerset). Summerset owns and operates a portfolio of retirement villages in the North Island. Summerset operates eight retirement villages, together with two stand-alone psycho-geriatric special care facilities, which in total provides 777 units (including villas, apartments, and serviced apartments), and 350 rest-home and hospital beds. Summerset's villages and care centres currently provide accommodation and care for nearly 1,400 residents. The acquisition of Summerset by the Applicant is seen as a strategic investment by AMP Capital Investors (New Zealand) Limited in a growth industry that will satisfy investor demand for an increasingly diverse range of assets.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities;
  2. enhanced domestic services for persons requiring aged care and retirement village services;
  3. and the introduction of additional investment for development purposes.
ContactAndrew Stewart
Morrison Kent
PO Box 10035
WELLINGTON