| Decision number | 200610077 |
|---|---|
| Application number | 200610057/200620011 |
| Date | 15 June 2006/31 July 2006 |
| Offeror/applicant | Retirement Care (NZ) Limited |
| Ultimate applicant beneficial ownership | 50 percent - Australia, Macquarie Specialised Asset Management Limited as responsible entity for Macquarie Global Infrastructure Fund IIA 50 percent - Australia, Macquarie Specialised Asset Management 2 Limited as responsible entity for Macquarie Global Infrastructure Fund IIB |
| Beneficial overseas ownership | |
| - Asset current | 11.37 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Shareholders of Motueka Rest Homes Limited and Woodlands Retirement Village Limited 64.35 percent - New Zealand, Fry (Ross Goulton and Janice Beverley) 16.03 percent - New Zealand, Bill (Tom) 11.37 percent - United States of America, Fry (Colin) 2.66 percent - New Zealand, Grieve (Frederick John) 2.66 percent - New Zealand, Goodman (Judith Flora) 1.89 percent - New Zealand, Bradley (Terry) 1 percent - New Zealand, Bunn (Gwen) 0.04 percent - New Zealand, Bunn (George) |
| Business activities | Health & Community Services - Community Services |
| Details of land involved | 2.9284 hectares of freehold comprising:
|
| Regions involved | Nelson/Marlborough |
| Total consideration | $4,600,000 |
| 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. The proposed acquisition of the Woodlands Retirement Village situated at Motueka represents a continuation of the current focus of certain Macquarie Bank funds on the aged care sector and is likely to complement previous acquisitions in the aged care sector. |
| Contact | Graeme Quigley/Dan Arapere Russell McVeagh PO Box 8 AUCKLAND |