Applicant
Metlifecare Limited
Case number(s)
201210042
201210043
Decision date
Type
Decision
Decision Consent granted
Section 12(a) Overseas Investment Act 2005
Decision date 3 August 2012
Investment

201210042:
An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1.8285 hectares of land at 125 Unsworth Drive, Unsworth Heights, Auckland.

201210043:
An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 2.6365 hectares of land at 147 Unsworth Drive, Unsworth Heights, Auckland.
Consideration

201210042: $4,479,825

201210043: $6,459,425
Applicant Metlifecare Limited
New Zealand Public (55.5%)
Retirement Villages Group, Australia (43.2%)
Various overseas persons (1.3%)
Vendor

201210042:
Assembly of God (Auckland Korean) Trust Board
New Zealand (100%)

201210043:
Neil Construction Limited
Tiong Family, Malaysia (100.0%)
Background

Metlifecare Limited is a publicly listed company which owns and operates retirement villages throughout New Zealand. Metlifecare Limited is acquiring two adjoining properties in Albany (currently bare land) in order to establish a new retirement village.

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
17(2)(a)(i) – Creation of jobs
17(2)(a)(iv) – Added market competition/enhanced domestic services

Overseas Investment Regulations 2005
28(e) – Previous investments
28(j) – Mitigating factor
More information Reuben Woods
DLA Phillips Fox
PO Box 160
AUCKLAND