| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 15 October 2019 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 14 hectares of land at 141 South Belt and 104 Townsend Road, Rangiora (Land) |
| Consideration | $4,800,000 |
| Applicant | Summerset Holdings Limited New Zealand Public (77.56%) United States Public (9.78%) Various overseas persons (12.66%) |
| Vendor | Murray Allan Clarke, Janine Louise Clarke, Lesa May Clarke and Williams & McKenzie Trustees Limited New Zealand (100%) |
| Background | The Applicant is listed on the NZX and has 77.56% New Zealand ownership. The Applicant has operated retirement villages in New Zealand since 1997 and has 27 retirement villages (completed or under development) in New Zealand. Its retirement villages offer a range of types of care including independent living, assisted living, rest home care, hospital care and dementia care. The Applicant intends to develop a comprehensive care retirement village on the Land that will be made up of approximately 321 retirement units and 43 care beds. Once construction is complete, approximately 30-40 full time jobs will be created to provide retirement village services to residents. |
| More information | Robyn Heyman Summerset Group Holdings Limited PO Box 5187 Wellington 6140 |