DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date24 April 2018
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.5912 hectares of land at 45 and 47 Burnett Street, Ashburton.
Consideration$6,100,000
ApplicantHeritage Lifecare Limited
Australia (49.8%)
New Zealand (16%)
Cayman Islands (9.5%)
USA (20.9%)
Germany (2.4%)
United Kingdom (1.4%)
VendorColdstream Retirement Village Limited
The Greenvale Group Limited, New Zealand (100%)
Background

Heritage Lifecare Limited has applied for consent to acquire Coldstream Retirement Village located at Burnett Street, Ashburton including approximately 0.5912 hectares of sensitive land. 

Heritage Lifecare Limited owns a large portfolio of existing aged care facilities located throughout regional New Zealand. 

This investment is likely to result in benefit to New Zealand as a result of the introduction of capital into New Zealand for development purposes through upgrading the Coldstream facility. New Zealanders will also participate in the investment from an ownership and control perspective given their 16% ownership stake.

More informationSusie Kilty
Buddle Findlay 
PO Box 2694
WELLINGTON 6140