Overseas investment decision for case 201320052 - Bupa Care Services NZ Limited and Bupa Retirement Villages Limited | Toitū Te Whenua

Applicant: Bupa Care Services NZ Limited and Bupa Retirement Villages Limited
Case number(s): 201320052
Decision date: 22 May 2014
Type: Decision

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	22 May 2014
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a stratum in freehold interest in 1.3436 hectares of land at 1 & 11 Cargill Street, Waikiwi, Invercargill.
Consideration	$4,181,081
Applicant	Bupa Care Services NZ Limited and Bupa Retirement Villages Limited British United Provident Association Limited, United Kingdom (100.0%)
Vendors	Oceania Care Company Limited and Oceania Village Company Limited Macquarie Specialised Asset Management Limited as responsible entity for Macquarie Global Infrastructure Fund IIA, Australia (50.0%) Macquarie Specialised Asset Management 2 Limited as responsible entity for Macquarie Global Infrastructure Fund IIB, Australia (50.0%) Dawn Patricia Todd, Roy Alan Barlow, Pamela Fay Meredith & Peter Brian Barlow New Zealand (100%) Adeline Ellen Mary Young & Valmai Ann Glendinning New Zealand (100%)
Background	The Applicant intends to acquire the land and associated retirement village and aged care business. The Applicant intends to convert half of the existing rest home care beds to dementia care beds, having identified a shortage of dementia care level beds in lnvercargill and the surrounding areas. 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) – Jobs 17(2)(a)(iv) – Enhanced domestic services 7(2)(a)(iv) – Added market competition 17(2)(a)(iv) – Greater efficiency 17(2)(a)(v) – Additional investment for development purposes Overseas Investment Regulations 2005 28(b) – Key person in a key industry 28(e) – Previous investments 28(f) – Advance significant Government policy or strategy 28(g) – Enhance the viability of other investments
More information	Simon Jones Foley Hughes PO Box 6829 AUCKLAND 1141

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