| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 20 June 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.9035 hectares of land at 666-678 High Street, Lower Hutt (which includes Boulcott Hospital). |
| Consideration | $31,660,000 |
| Applicant | Vital Healthcare Property Limited New Zealand Public and Various Entities, New Zealand (69.75%) Canadian Public (24.48%) North American Public (2.51%) Asian Public (1.23%) Australian Public (1.07%) European Public (0.91%) United Kingdom Public (0.05%) |
| Vendor | Boulcott Hospital Limited Australian Public (60.1%) United States Public (39.5%) New Zealand Public (0.4%) |
| Background | The Applicant is a 100% subsidiary of Vital Healthcare Property Trust – a unit trust established under the Unit Trusts Act 1960 and listed on the NZX Main Board. The Applicant’s current interests in New Zealand include the ownership of 5 health and medical related facilities located in Auckland, Napier and Whangarei. The Applicant does not operate medical facilities itself – it leases its facilities to experienced operators. In this case, the majority of the Land will be leased to Boulcott Pulse Health Limited (refer decision 201520106). The Applicant expects that the Investment is likely to provide scale and diversification benefits to its property portfolio, including:
The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Regulations 2005 |
| More information | Jane Holland Bell Gully PO Box 4199 AUCKLAND 1140 |