Section 12(a) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
|Decision Maker||Overseas Investment Office|
|Decision Date||24 April 2018|
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in an additional 15% of the units in the Vital Healthcare Property Trust which owns or controls freehold, cross- lease and equitable interests in sensitive land.
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in an additional 15% of the units in the Vital Healthcare Property Trust, the value of those units being more than $100m.
NorthWest Healthcare Properties Management Limited
Canadian Public (72.5%)
Paul Louis Dalla Lana, Canada (25.5%)
Various overseas persons (2.0%)
Vital Healthcare Property Trust
NorthWest Healthcare Properties Management Limited (NPML) is the manager of the Vital Healthcare Property Trust (Vital). Under the Vital Trust Deed, NPML is entitled to receive an annual Incentive Fee and is required to immediately reinvest this Incentive Fee in Vital by subscribing for new units.
We consider that NPML has undertaken previous investments that have been or are of benefit to New Zealand.
We also consider that refusal to grant consent would be likely to have an adverse impact on New Zealand’s image overseas. We note that the Investment involves the acquisition of a small percentage of the units in Vital, and therefore involves NPML obtaining a minor interest in sensitive land. Additionally, we note that NPML already has a 100% control interest in Vital.