| Decision number | 200710051 |
|---|---|
| Application number | 200710040 |
| Date | 17 May 2007 |
| Offeror/applicant | ING Australia Holdings Limited |
| Ultimate applicant beneficial ownership | 100 percent - Netherlands, Ing Groep N.V. |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Remuera Gardens Retirement Village Limited, Vican Developments Limited, RF Properties Limited and Granite Enterprises Limited 100 percent - New Zealand, Bagnall (John Andrew) and Thorpe (Geoffrey Charles) |
| Business activities | Health & Community Services - Community Services |
| Details of land involved | 2.8403 hectares of freehold situated at 57 and 68 Richard Farrell Avenue, Remuera, Auckland being CTs NA35C/991 and NA39B/327 (North Auckland Registry). |
| Regions involved | Auckland |
| Total consideration | CONFIDENTIAL |
| 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 Applicant, ING Australia Holdings Limited (ING) has entered into an agreement with Remuera Gardens Retirement Village Limited, Vican Developments Limited, RF Properties Limited and Granite Enterprises Limited to acquire the retirement village businesses and assets of Remuera Gardens Retirement Village and Epsom Village including land for development purposes. The acquisition is part of ING's strategy to expand its investment horizon to include the retirement village and elderly care sector. ING proposes to further develop and grow the potential of the businesses through the expansion of the businesses through further land development. The proposal is likely to result in the following benefits:
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| Contact | Tim Williams/Sarah Twigg Chapman Tripp PO Box 2206 AUCKLAND 1140 |