Applicant
Evolution Rehab Limited
Case number(s)
202000819
Decision date
Type
Decision
Decision

Consent granted

Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date24 February 2021
Pathway(s)Residential land development
(Incidental residential use - One-off purchase)
Investment

The following residential (but not otherwise sensitive) land:

  • a cross lease interest in flats 3, 4, 5 and 6 at 505 Aberdeen Road, Te Hapara, Gisborne, comprising a 4/6 share of the freehold interest in approximately 0.2206 hectares and a leasehold interest in the flats;
  • a freehold interest in approximately 0.5492 hectares of land at 505 Aberdeen Road, Te Hapara, Gisborne; and
  • a leasehold interest in approximately 0.1403 hectares of land at 18-20 Chadlington Ave, Henderson, Auckland.
Consideration

Withheld under s9(2)(b)(ii) of the Official Information Act

ApplicantEvolution Rehab Limited (company number 8135844), which is owned by certain overseas investment funds managed and/or advised by Pacific Equity Partners Pty Limited (PEP), an Australian incorporated private equity fund manager, PEP’s affiliates and certain New Zealand and Australia based management shareholders.
VendorBupa Care Services NZ Limited
Background

The Applicant is a New Zealand registered company which is ultimately wholly owned by Pacific Healthcare HoldCo Limited. One of the businesses of the Pacific Healthcare HoldCo Limited group of companies is private healthcare, including the provision of facilities and patient care.

The Applicant is acquiring the Investment to provide patient accommodation and rehabilitation services.

We consider the Investment is likely to meet the incidental residential use test:

  • the Investment is likely to be used for residential purposes but only in support of the relevant business (which is not in the business of using land for residential purposes); and
  • the Investment is being acquired in the ordinary course of the business of the Applicant.
More information

David Hoare

Russell McVeagh

PO Box 8

AUCKLAND 1140