Overseas investment decision for case 201210032 - Metlifecare Oakwoods Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	1 June 2012
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.5786 hectares of land at 375 Lower Queen Street, Richmond.
Consideration	$750,000
Applicant	Metlifecare Oakwoods Limited New Zealand Public (48.7664%) Macquarie Bank Limited, Australia (25.65%) Australian Public (25.5448%) Various overseas persons (0.0387%)
Vendor	Richmond Bowling Club Incorporated New Zealand (100%)
Background	The Applicant currently operates the Metlifecare Oakwoods Retirement Village on the adjoining land and wishes to acquire the land to enable it to expand the retirement village. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 17(2)(a)(i) – Creation of jobs 17(2)(a)(iv) – Added market competition/greater efficiency or productivity/enhanced domestic services Overseas Investment Regulations 2005 28(e) – Previous investments 28(g) – Enhance the viability of other investments 28(j) – Mitigating factor
More information	Sarah Blackmore Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140