Applicant
Ryman Healthcare Limited
Case number(s)
201900145
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date10 June 2019
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 4.98 hectares of land at Steadman Road, Broomfield, Christchurch
Consideration$14,630,000
ApplicantRyman Healthcare Limited
New Zealand Public (44.54%)
United States Public (13.0%)
Geoffrey Alexander Cummings, New Zealand (10.19%)
Kevin James Hickman, New Zealand (7.17%)
Germany Public (6.6%)
Australian Public (5.0%)
Various Public, Various (4.5%)
United Kingdom Public (2.6%)
Canadian Public (2.3%)
Switzerland Public (1.1%)
Norway Public (1.0%)
Japanese Public (1.0%)
Hong Kong Public (1.0%)
VendorNgai Tahu Property Limited
Te Runanga o Ngai Tahu, New Zealand (100.0%)
Background

The Applicant has operated retirement villages in New Zealand since 1984 and has 31 retirement villages across New Zealand. It’s 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. 

The benefits to New Zealand once the retirement village is complete include:

  • The creation of approximately 200 jobs at the retirement village, including 50 skilled jobs;
  • Greater productive use of the land through the creation of a large number of living units comparative to the size of the land;
  • Oversight and control of, and participation in, the investment by New Zealanders; and
  • Enhanced domestic services by providing a continuum of care for village residents.
More informationAndrew Woods
Chapman Tripp 
PO Box 2510
CHRISTCHURCH