| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 2 (of 12) |
| Decision date | 14 December 2021 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1.2976 hectares of Land at 3, 5, 7, 9, 11, 15 and 17 Ngata Street, Palmerston North and 8, 10, 12, 16, 18, 20, 22, 26 and 28 Carroll Street, Palmerston North. |
| Consideration | $3,476,000 plus GST |
| Applicant | Metlifecare Palmerston North Limited A joint venture company 50% owned by Metlifecare Limited (100% owned by EQT Partners Infrastructure Fund IV, which is 100% overseas owned. No one entity holds more than 5% of this fund) and the 50% is owned by Palmerston North Māori Reserve Corporate Trustee Limited (New Zealand (100%)). |
| Vendor | Palmerston North Māori Reserve Trust |
| Background |
Metlifecare Limited was granted a standing consent based on the Increased Housing test on 12 June 2019. This permits Metlifecare Limited, or any joint venture with a non-overseas person, in which Metlifecare Limited holds at all times at least a 50% ownership and control interest, such as the Applicant, to acquire up to a total of 120 hectares of residential (but not otherwise sensitive) land in up to 12 transactions by 13 June 2022. This is the second acquisition of land under the standing consent. The Applicant intends to use the land for further development of the Applicant’s existing retirement village which is located adjacent to the land. Under the standing consent the Applicant must use the land to construct, or increase the number of dwellings in, a long-term accommodation facility. |
| More information | Emma Haycock Metlifecare PO Box 37463 Auckland 1151 |