Applicant
Quadrant Private Equity No. 2A and No. 2B Funds
Case number(s)
201010009
Decision date
Type
Decision
DecisionConsent Granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision date8 April 2010
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Summerset Group Holdings Limited which owns or controls:

  • a freehold interest in 5.8937 hectares of land at 166 - 168 Ruapehu Drive, Palmerston North; and
  • a freehold interest in 7.1326 hectares of land at Park Road, Katikati; and
  • a freehold interest in 9.6300 hectares of land at Joyce Adams Place, Waimauku; and
  • a freehold interest in 5.9454 hectares of land at 104 Realm Drive, Paraparaumu; and
  • a freehold interest in 6.7698 hectares of land at Mansel Drive, Warkworth; and
  • a freehold interest in 2.3852 hectares of land at Shetland Street, Dunedin; and
  • a freehold interest in 6.8998 hectares of land at 206 Dixon Road, Rukuhia, Hamilton; and
  • a freehold interest in 5.4262 hectares of land at Racecourse Road, Trentham.

An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Summerset Group Holdings Limited, the consideration of which exceeds $100m.

ConsiderationCONFIDENTIAL
ApplicantQPE Funds Management Pty Limited as Manager of Quadrant Private Equity No. 2A and No. 2B Funds
Australian Public (100%)
VendorAMP Capital Investors Limited
Australian Public (91.0%)
New Zealand Public (9.0%)
Background

Pursuant to a consent granted to the Applicant on 12 March 2009 (case No.200821648) the Applicant currently owns 48.8% of Summerset Group Holdings Limited (Summerset).

Summerset owns 18 retirement villages and development sites throughout New Zealand.

The Applicant proposes to acquire an additional 48.8% of the shares in Summerset. The Applicant may also increase its shareholding in Summerset through participation in a proposed capital raising.

The proposed investment provides further commitment from the Applicant and will allow the Applicant to introduce capital to Summerset to assist business growth and expansion.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iv) – Added market competition/productivity

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Advance significant government policy or strategy

More information

Jennifer Barnes
Chapman Tripp (Auckland)
PO Box 2206
AUCKLAND 1140

John Strowger
Chapman Tripp (Auckland)
PO Box 2206
AUCKLAND 1140