Overseas investment decision for case 201520032 - MTGRP, L.L.C

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 39.5% of the units in each of EHPO Trust and EHPP Trust, which, at the time of the investment, will own or control:

• a freehold interest in approximately 0.9035 hectares of land at Boulcott Hospital, Lower Hutt, Wellington.

The Applicant's investment in the EHPO Trust and EHPP Trust, will fund the acquisition by Evolution Healthcare (NZ) Pty Limited of rights or interests in 100% of the shares in Austron Limited (refer decision 201520005) which owns or controls the following sensitive land:

• a freehold interest in approximately 2.2204 hectares of land at Bowen Hospital, Crofton Downs, Wellington; and
• a freehold interest in approximately 1.5261 hectares of land at Royston Hospital, Hawkes Bay.

The Applicant's investment in the Trusts will also enable Evolution Healthcare (NZ) Pty Limited to undertake the significant developments of Wakefield Hospital and Royston Hospital outlined in decision 201520005.

The Applicant's investment in the EHPO Trust and EHPP Trust will enable the Trusts’ subsidiary, Evolution Healthcare (NZ) Pty Limited to acquire and then undertake the significant developments of Wakefield Hospital and Royston Hospital outlined in decision 201520005.

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 Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments