Overseas investment decision for case 200710056 - Summerset Villages (Katikati) Limited and Summerset Properties Limited

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 ha and is or includes land that a district plan or proposed district plan under the Resource Management Act 1991 provides is to be used as a reserve, as a public park, for recreation purposes, or as open space; and
2. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993; and
3. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes land subject to a heritage order, or a requirement for a heritage order, under the Resource Management Act 1991 or by the Historic Places Trust under the Historic Places Act 1993; and
4. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; and
5. an interest in land which, either alone or 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 Māori reservation, that adjoins the sea or a lake; and
6. 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.

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.

Summerset Villages (Katikati) Limited and Summerset Properties Limited, both wholly-owned subsidiaries of Summerset Holdings Limited (Summerset), propose to acquire the land situated at Katikati to establish a high quality retirement village that provides accommodation and recreational activities for residents and care facilities comprising a hospital and rest home. Summerset is the third largest retirement village operator in New Zealand owning and operating a portfolio of ten retirement villages together with two stand-alone care amenities in the North Island. The proposed acquisition is part of Summerset's strategy to expand throughout New Zealand.

The proposal is likely to result in the following benefits:

1. the creation of new job opportunities;
2. enhanced domestic services for persons requiring aged care and retirement village services; and
3. the introduction of additional investment for development purposes.