Decision number200610016
Application number200610018
Date22 February 2006
Offeror/applicantING Property Trust
Ultimate applicant beneficial ownership99.87 percent - New Zealand, New Zealand Public
0.13 percent - Various, Various overseas persons
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0.783 percent
- Share proposed0.13003 percent
Offeree(s)/seller(s)Existing unitholders of the Calan Healthcare Properties Trust other than ING Property Trust
99.18 percent - New Zealand, New Zealand Public
0.82 percent - Various, Various overseas persons
Business activitiesProperty & Business Services - Property
Details of land involvedNone
Regions involvedVarious
Total consideration$172,896,629
Consent soughtTo acquire rights and interests in up to 100 percent of the units of Calan Healthcare Properties Trust.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has significant 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 Applicant, ING Property Trust (ING), is a unit trust listed on the New Zealand Stock Exchange (NZSX). The manager of ING is ING Property Management Limited (an overseas person) which is owned 50 percent by Symphony Investments Limited and 50 percent by ING (NZ) Limited whose shares are owned by ING (Australia) Limited. ING currently holds 5.3692 percent of the units in Calan Healthcare Properties Trust (Calan). ING has made a written offer under the takeover provisions of the NZSX Listing Rules for the balance of units in Calan not already owned by it.

Calan owns a portfolio of healthcare properties comprising surgical and medical hospitals, health support and primary healthcare facilities. The properties are principally located in the Auckland region and Melbourne, Australia. ING is the second largest property fund listed on the NZSX by market capitalisation. The acquisition of Calan, the seventh largest property fund listed on the NZSX by market capitalisation, meets ING's objective of investing primarily in a diversified portfolio of good quality, well tenanted properties and to grow the income of ING through property and corporate acquisitions.

ContactBrendon Prebble
Harmos Horton Lusk
PO Box 28
AUCKLAND