|Date||15 February 2006|
|Offeror/applicant||AMP New Zealand Retirement Properties Limited|
|Ultimate applicant beneficial ownership||91 percent - Australia, Australian Public|
9 percent - New Zealand, New Zealand Public
|Beneficial overseas ownership|
|- Asset current||N/A|
|- Asset proposed||N/A|
|- Share current||0 percent|
|- Share proposed||91 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 activities||Health & Community Services - Community Services|
|Details of land involved|
26.7962 hectares of freehold comprising:
|Consent sought||To acquire up to 100 percent of the securities of Summerset Holdings Limited.|
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:
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