| Decision | Consent granted Section 12(1)(b) and Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 22 October 2024 |
| Pathways | Sensitive land - Farm land benefit test Significant Business Assets |
| Investment | Acquisition of 100% of the shares in Arvida Group Limited which has an interest in 186 hectares of sensitive land around New Zealand |
| Consideration | $2,000,000,000 |
| Applicant | Stonepeak Alps BidCo Limited Asia 38% Middle East 33% North America 16% Various 13% |
| Vendor | Arvida Group Limited New Zealand 84% Asia Pacific Region 7% North American Region 4% Various 5% |
| Background | The Applicant is ultimately owned through investment funds managed by Stonepeak Partners LP, an American investment firm which invests in infrastructure and real estate. The Applicant is buying 100% of the shares in Arvida Group Limited (Arvida), an NZX listed entity, which owns and operates 35 retirement villages and aged care centres in New Zealand including 16 properties with sensitive land. The Applicant intends to bring financial support to Arvida’s current business operations by investing capital to enable the development of approximately 1,000 new retirement village and aged care units across 13 development sites. This application was subject to a national interest assessment due to the presence of non-New Zealand government investors from Asia and the Middle East. The Minister of Finance decided that the investment was not contrary to New Zealand’s national interest. Consent was granted as the Applicants have met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Glenn Shewan Bell Gully (Auckland) PO Box 4199 Auckland 1140 |
Summer services update
Summer services update
Summer services update
Our offices and services will have reduced availability over the holiday period. Read more about our holiday hours and services availability.