| Decision | Standing Consent (Increased Housing test) granted Sections 12(a) and 23A Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 12 June 2019 |
| Investment | Overseas investments in sensitive land, being Metlifecare’s acquisition of interests in residential (but not otherwise sensitive) land. |
| Consideration | Not yet determined. |
| Applicant | Metlifecare Limited New Zealand (68.25%) Australia (19.10%) United States of America (5.8%) United Kingdom (3.8%) Norway (1.3%) Various (1.75%) |
| Vendor | Not yet determined. |
| Background | Metlifecare is a publicly-listed retirement village operator in New Zealand that acquires residential land to develop into retirement villages, being long-term accommodation facilities under the Act. We are satisfied Metlifecare has demonstrated that residential land acquired under this standing consent is likely to be used in the construction of, or an increase of the number of dwellings in, a long-term accommodation facility, per Schedule 2 of the Act. This standing consent (for a maximum of 12 transactions by 13 June 2022) will permit Metlifecare to acquire up to a total of 120 hectares of residential (but not otherwise sensitive) land located in several regions around the country.1 |
| More information | Camille Warnaar Metlifecare PO Box 37463 AUCKLAND 1151 |
1 Within the territories of Northland Regional Council, Auckland Council, Waikato Regional Council, Bay of Plenty Regional Council, Hawke’s Bay Regional Council, Taranaki Regional Council, Manawatu-Wanganui Regional Council, Wellington Regional Council, Nelson City Council, Marlborough District Council, Canterbury Regional Council, and Otago Regional Council.