| Decision | Consent granted retrospectively Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 April 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Radius Properties Limited (“RPL”) and QuantRes Finance Limited's (an associate of the Applicant) acquisition of rights or interests in those shares pursuant to the security arrangements in connection with its lending to the Applicant giving them each a 25% or more ownership or control interest in RPL which owns or controls a freehold interest in 0.5536 hectares of land at 135 Maeroa Road Hamilton. |
| Consideration | Yet to be determined |
| Applicant | Montagu Investment Holdings Limited Harald McPike, Bahamas (92.9% voting; 63.7% economic) Craig Nathen Priscott, New Zealand (7.1% voting; 17.2 % economic) David Leonard Glenn, New Zealand (17.2% economic) Maier Family Trustees Limited (a related entity of Sherry Withers Maier and Samford Lee Maier), New Zealand (1.9% economic) |
| Vendor | Existing shareholders in Radius Properties Limited Montagu Investment Holdings Limited (refer above), Bahamas and New Zealand (50.002%) Predominantly New Zealand retail investors (49.998%) |
| Background | Radius Properties Limited (RPL) owns a portfolio of properties in the aged care sector including one at 135 Maeroa Road Hamilton. The Applicant views RPL as an attractive long term investment and is committed to enhancing the quality and size of RPL's portfolio. 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 Act 2005 Overseas Investment Regulations 2005 |
| More information | Andrew Wallace Lowndes Jordan PO Box 5966 AUCKLAND 1141 |
| Retrospective penalty | $7,000 |