Overseas investment decision for case 200720062 - British United Provident Association Limited

15.6333 hectares of freehold comprising:

1. 4.4101 hectares situated at 19 Liston Avenue, Taupo being CTs SA59B/977, SA62D/56, SA62D/57, SA63B/88, SA63B/89, SA63B/90, SA65B/560, SA68C/832, SA69A/481 and SA73A/965 (South Auckland Registry);
2. 5.5174 hectares situated at 921 Tararu Road, Thames being CT SA562/39 (South Auckland Registry);
3. 1.3769 hectares situated at 4 Observatory Close, Whitby and 18 Glen Road, Stokes Valley, Lower Hutt, Wellington being CTs 150728, 150726, 134606 and 134607 (Wellington Registry);
4. 0.9119 hectares situated at 483 and 505 Aberdeen Road, Gisborne being CTs GS6A/225, GS6B/192 and GS1A/1205 (Gisborne Registry); and
5. 3.417 hectares situated at 425-429 Te Ngae Road, Rotorua being CTs SA59A/15, SA59A/14 and SA27A/1279 (South Auckland Registry).

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.

Outline of the Investment:
BUPA will incorporate a wholly-owned special purpose Australian company to acquire the shares in DCA. DCA is the ultimate holding company of the aged care, retirement village and medical alarms business conducted by the DCA Group in Australia and New Zealand. The New Zealand businesses are known as the Guardian Healthcare Group and comprise a health services and facilities business, a retirement villages business and a home based services business including personal medical alarms and life care products.

Rationale for the Investment:
British United Provident Association Limited (BUPA) is the successful bidder in a competitive sale process conducted by DIAC Holdings NV in respect of all the share capital in the Australian company, DCA. The BUPA Group has a clear strategy of pursuing growth in both the United Kingdom and international markets particularly in the Australian and New Zealand markets where the BUPA Group has identified opportunities for an experienced operator and provider of aged care businesses to make acquisitions and apply its international experience in the provision of aged care services. The acquisition will geographically diversify the BUPA Group's international operations and provide a platform to further expand its aged care and retirement village portfolio.

The proposal is likely to result in the following benefits:

1. the creation of new job opportunities in New Zealand; and
2. enhanced domestic services in the New Zealand aged care sector.