Decision number200610071
Application number200520078
Date12 June 2006
Offeror/applicantJB Were (NZ) Private Equity Limited as manager of Special Managed Investment Company No. 90 Limited
Ultimate applicant beneficial ownership100 percent - New Zealand, New Zealand Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed0 percent
Offeree(s)/seller(s)Existing shareholders of Vision Senior Living Limited
35.305 percent - New Zealand, Anderson (Ronald Douglas)
35.305 percent - New Zealand, Foster (Robert Athol)
25.1 percent - New Zealand, Bourke (Peter John)
4.29 percent - New Zealand, Foster (Alexander)
Business activitiesHealth & Community Services - Community Services
Details of land involved

16.1846 hectares of freehold comprising:

  1. 2.609 hectares situated at 15 Sel Peacock Drive, Henderson, Auckland being CTs NA53B/1428, NA53B/1429, NA53B/1430 and NA89B/281 (North Auckland Registry);
  2. 5.2306 hectares situated at Ken Browne Drive, Hamilton being CT120338 (South Auckland Registry); and
  3. 8.345 hectares situated at Parton Road, Papamoa, Tauranga being CT SA46D/573 (South Auckland Registry).

4.3708 hectares of leasehold situated at Oakridge Drive, Kerikeri being CT 147910 (North Auckland Registry).

Regions involvedAuckland
Bay of Plenty/Coromandel
Northland
Waikato
Total consideration$20,000,000
Consent soughtTo acquire up to 28.5 percent of the shares of Vision Senior Living 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.

JB Were (NZ) Private Equity Limited on behalf of private equity funds Hauraki Private Equity No.2 Fund Limited and Special Managed Investment Company No.90 Limited, proposes to acquire 28.5 percent of Vision Senior Living Limited (VSL). VSL owns and operates retirement villages situated at Henderson and Botany Downs, Auckland, Forest Lake, Hamilton, Papamoa, Tauranga, and Kerikeri. The proposal will provide funding to VSL for the continued development and acquisition of retirement villages.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand;
  2. increased efficiencies and enhanced competition for retirement village development and operation; and
  3. the introduction into New Zealand of development investment for development purposes.
ContactBryce Davey/Huw McKinlay
Chapman Tripp
PO Box 2206
AUCKLAND