Decision number200610058
Application number200610058
Date17 May 2006
Offeror/applicantQualcare Holdings Limited
Ultimate applicant beneficial ownership37.08 percent - Australia, Australian Public
32.29 percent - New Zealand, Hermitage Holdings Limited as trustee for the Hermitage Trust
12.1 percent - Singapore, Singapore Public
5.775 percent - United States of America, United States Public
4.4 percent - Netherlands, Dutch Public
2.75 percent - United Kingdom, United Kingdom Public
2.475 percent - Switzerland, Swiss Public
1.61 percent - New Zealand, Gasparich (Earl and Celia) and Pearce (Carla) as trustees of the Gasparich Family Trust
1.52 percent - New Zealand, McIntosh (Kerry Grant) and Tinkler (Michael) as trustees of the Icarus Trust
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed64.58 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Presbyterian Support East Coast of New Zealand
Business activitiesHealth & Community Services - Community Services
Details of land involved0.6622 hectares of freehold situated at 400 Cornwall Road, Hastings being CT HBK1/652 (Hawkes Bay Registry).
Regions involvedGisborne/Hawkes Bay
Total consideration$2,597,221
Consent soughtTo acquire:
  1. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land over 0.4 hectares that includes a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993; and
  2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.
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 has previously received consent to acquire 16 aged care facilities (including private hospitals) and retirement villages owned by Elrond and the Qualcare Vendors, situated in Auckland, Tauranga, Hamilton, Wellington, Picton, Nelson, Blenheim, Rangiora, Christchurch, and Ashburton (refer A200520096/D200520092 and A200520110/D200520093). The proposed acquisition of the Eversley Elder Care facility will establish a presence for the Applicant in the Hawkes Bay region.

ContactJohn Strowger/Rachel Dunne
Chapman Tripp
PO Box 2206
AUCKLAND