| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 24 April 2018 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.5912 hectares of land at 45 and 47 Burnett Street, Ashburton. |
| Consideration | $6,100,000 |
| Applicant | Heritage Lifecare Limited Australia (49.8%) New Zealand (16%) Cayman Islands (9.5%) USA (20.9%) Germany (2.4%) United Kingdom (1.4%) |
| Vendor | Coldstream Retirement Village Limited The Greenvale Group Limited, New Zealand (100%) |
| Background | Heritage Lifecare Limited has applied for consent to acquire Coldstream Retirement Village located at Burnett Street, Ashburton including approximately 0.5912 hectares of sensitive land. Heritage Lifecare Limited owns a large portfolio of existing aged care facilities located throughout regional New Zealand. This investment is likely to result in benefit to New Zealand as a result of the introduction of capital into New Zealand for development purposes through upgrading the Coldstream facility. New Zealanders will also participate in the investment from an ownership and control perspective given their 16% ownership stake. |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |