Applicant
Evolution Healthcare (NZ) Pty Ltd
Case number(s)
201520005
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(c) Overseas Investment Act 2005
Decision Date23 November 2015
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Austron Limited which owns or controls:

  • a freehold interest in 2.2204 hectares of land at Bowen Hospital, Churchill Drive, Crofton Downs, Wellington; and
  • a freehold interest in 1.5261 hectares of land at Royston Hospital, Hastings.

An overseas investment in significant business assets, being the Applicant’s acquisition of 100% of the shares in Austron Limited, which has assets valued at over $100 million.

Consideration$98,000,000
ApplicantEvolution Healthcare (NZ) Pty Ltd
Australia (100%)
VendorExisting shareholders of Austron Limited
Royston Hospital Trust Board, New Zealand (41.23%)
Ellen Trust, New Zealand (31.6476%)
Sir Robertson Stewart Family Trust, New Zealand (19.7761%)
Webb Family Trust, New Zealand (5.877%)
GRAW Trust, New Zealand (1.4693%)
Background

The Applicant intends to undertake a significant redevelopment of Wakefield Hospital, in Wellington and, once complete, introduce new oncology and rehabilitation services. The Applicant also intends to undertake a development of Royston Hospital in Hawkes Bay.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 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) – Greater efficiency or productivity and enhanced domestic services
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(e) – Previous investments

More informationJohn Strowger
Chapman Tripp
PO Box 2206
AUCKLAND 1140
Last updated