Overseas investment decision for case 201320023 - Summerset Holdings Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	15 October 2013
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 4 hectares of land at Racecourse Road, Trentham, Upper Hutt.
Consideration	$3,800,000
Applicant	Summerset Holdings Limited New Zealand Public (44.22%) Perpetual Trustee Company Limited, Australia (40.14%) QPE Co-investment Pty Limited, Australia (15.64%)
Vendor	Agresearch Limited New Zealand Government, New Zealand (100.0%)
Background	Summerset intends to acquire the land to enable the expansion of the existing adjoining Summerset retirement village "Summerset by the Course". 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) – Greater efficiency and enhanced domestic services Overseas Investment Regulations 2005 28(a) – Consequential benefits 28(e) – Previous investments 28(f) – Advance significant Government policy or strategy 28(j) – Mitigating factor
More information	Jeannie Warnock Greenwood Roche Chisnall PO Box 25501 WELLINGTON 6146