| Decision number | 200610012 |
|---|---|
| Application number | 200520137 |
| Date | 9 February 2006 |
| Offeror/applicant | PrimeLiving Trust of Australia |
| Ultimate applicant beneficial ownership | 100 percent - Australia |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Equity Partners Retirement Assets Limited 50 percent - New Zealand, Darby (John Gerard) 50 percent - New Zealand, Kerr (Ian) and Tinkler (Michael Owen) as trustees of the Kerr Investment Trust |
| Business activities | Health & Community Services - Community Services |
| Details of land involved | 27.0271 hectares of freehold comprising:
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| Regions involved | Auckland Various |
| Total consideration | $130,883,000 |
| Consent sought | To acquire up to 100 percent of the securities of Primecare Holdings Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant, PrimeLiving Trust (PLT), is an unlisted Australian unit trust established to acquire and operate retirement villages in Australia and New Zealand. PLT proposes to acquire Primecare Holdings Limited (Primecare) which owns the Primecare retirement villages situated in the Auckland and Bay of Plenty regions and known as the Ocean Shores Village, Mayfair Village, Parklane Village, Knightsbridge Village, and the Peninsula Club Village. The Knightsbridge Village, and the Peninsula Club Village are land for the purposes of the Overseas Investment Act 2005. The Primecare retirement villages consist of 608 units and 333 apartments. The proposal is likely to result in the following benefits:
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| Contact | Khim Nah Simpson Grierson Private Bag 92518 AUCKLAND |