| Decision | 200821564 Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 13 February 2009 |
| Investment | An overseas investment in significant business assets (the consideration of which exceeds $100m) and sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the stapled securities of the Vendor, each stapled security being made up of one share in Babcock & Brown Communities Limited (BBCL) and one unit in Babcock & Brown Communities Trust (BBCT), BBCL being the ultimate parent company of Primecare Holdings Limited which owns or controls:
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| Consideration | $195,000,000 |
| Applicant | Lend Lease Corporation Limited |
| Vendor | Babcock & Brown Communities Group Australia (92.59%) New Zealand (4.1%) Various (1.7%) Hong Kong (Special Administrative Region) (1.61%) |
| Background | The Vendor is Australia's second largest listed retirement sector and aged care owner and operator. The Vendor currently operates 56 retirement villages and 29 aged care facilities in Australia and New Zealand. The Applicant is focused on becoming a leader in the retirement sector and, by entering into and completing the proposed transaction, including the Investment, the Applicant will achieve this strategic goal by becoming the manager of, and major investor in, one of Australia's leading aged care operators. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisified by particular reference to the following factors: Overseas Investment Regulations 2005 Overseas Investment Regulations 2005 |
| More information | Justine Tuite Chapman Tripp (Auckland) PO Box 2206 AUCKLAND 1140 |