Overseas investment decision for case 200720069 - Grande Pacific New Zealand Syndicate | Toitū Te Whenua

Applicant: Grande Pacific New Zealand Syndicate
Case number(s): 200720069
Decision date: 6 Dec 2007
Type: Decision

Decision number	200720069
Application number	200720042
Date	7 December 2007
Offeror/applicant	Grande Pacific New Zealand Syndicate
Ultimate applicant beneficial ownership	66.025 percent - Australia, Australian Public 33 percent - New Zealand, New Zealand Public 0.975 percent - Various, Various overseas persons
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	67 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Eastcliffe Tamaki Retirement Care Limited 100 percent - New Zealand, The Proprietors of Taharoa C Block
Business activities	Health & Community Services - Community Services
Details of land involved	4.7151 hectares of leasehold situated at Taniwha Street, Glen Innes, Auckland being CT 174663 (North Auckland Registry).
Regions involved	Auckland
Total consideration	$3,000,000
Consent sought	To acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.
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. Background: The Applicant is a partnership between Hallmount (NZ) Limited and Grande Pacific (NZ) Limited, each with a 50% interest in the Applicant. Hallmount (NZ) Limited is 66 percent owned by New Zealand residents. The sole shareholder of Grande Pacific (NZ) Limited is Grande Pacific Limited, a company that is ultimately owned by City Pacific Limited, a company listed on the Australian Stock Exchange. The Applicant has been established to acquire the interests of Eastcliffe Tamaki Retirement Care Limited in the Eastcliffe Tamaki Retirement Care Partnership (the Partnership) which is the lessee of the relevant land, and to continue the development, marketing, advertising and operation of the proposed Eastcliffe Tamaki Retirement Village on the land. Outline and Rationale of Proposed Investment: The Applicant proposes to acquire the currently vacant land to develop into a retirement village, the Eastcliffe Tamaki Retirement Resort. The Eastcliffe Tamaki Retirement Resort is intended to comprise apartments for the elderly and a range of community facilities that are of high quality and managed by skilled and experienced personnel. The purchase of development sites in both Auckland (separate application) and Tauranga, is an important part of the Applicant's strategy to build, own and operate high quality life-style retirement resorts throughout Australia and New Zealand. The proposal is likely to result in the following benefits: the creation of new job opportunities; increased competition in the retirement village market; and additional investment for development purposes.
Contact	Allan McRae Minter Ellison Rudd Watts PO Box 4461 Shortland Street AUCKLAND

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