Overseas investment decision for case 200520097 - Global Retirement Trust

17.6526 hectares of freehold comprising:

1. 4.8109 hectares situated at 1, 2 and 5 Longford Park Drive, Papakura being CTs NA113D/847, NA107C/323, NA110A/754, NA115D/231 (North Auckland Registry);
2. 7.4395 hectares situated at 101 Red Beach Road, Hibiscus Coast, Auckland being CTs NA168403, NA1346/81, NA1365/43, NA2095/81, and NA69C/739 (North Auckland Registry); and
3. 5.4022 hectares situated at 1381 Dominion Road, Mt Roskill, Auckland being CTs NA33B/524, NA60C/644, and NA69A/328 (North Auckland Registry).

To acquire:

1. an estate or interest in land which together with any associated land exceeds 0.4 hectares and adjoins land that exceeds 0.4 hectares that is an esplanade reserve, esplanade strip, recreation reserve, a road or a Maori reservation, that adjoins the sea or a lake; and
2. an estate or interest in land which 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; and
3. an estate or interest in land which together with any associated land exceeds 0.4 hectares and includes/adjoins land that exceeds 0.4 hectares which is provided as a reserve, a public park, for recreation purposes, or a private open space.

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, or a wholly owned subsidiary of the Applicant, proposes to acquire three retirement villages situated in the Auckland region known as the Hillsborough Heights Village, Hibiscus Coast Village, and the Longford Park Village, and the shares in the retirement villages management companies.

A wholly owned subsidiary of the Applicant previously received consent to acquire 100 percent of the shares in Metlifecare Limited which owns and is the operator of 13 retirement villages throughout New Zealand, incorporating nine nursing homes and six hospitals, providing care to over 2,000 residents (refer A200520064/D200520072).

The proposed acquisition is part of the current focus of the Applicant to expand further in New Zealand with a view to developing a world class retirement village business.

The proposal is likely to result in the following benefits:

1. the creation of new job opportunities;
2. added market competition in the aged care and retirement village industries in New Zealand;
3. enhanced domestic services for persons requiring aged care and retirement village services; and
4. the introduction of additional investment for development purposes.