| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 24 June 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of PLT New Zealand Limited which owns or controls:
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of PLT New Zealand Limited, the consideration of which exceeds $100 million. |
| Consideration | $240,000,000 |
| Applicant | FourFive New Zealand Limited United States Public (65.06%) Cayman Islands Public (11.08%) Various overseas persons (23.86%) |
| Vendor | PLT New Zealand Pty Limited Various, Australia (38.53%) HSBC Custody Nominees (Australia) Limited, Australia (22.79%) J. P. Morgan Nominees Australia Limited, Australia (16.2%) National Nominees Limited, Australia (15.83%) Citicorp Nominees Pty Limited, Australia (6.65%) |
| Background | PLT New Zealand Limited (“PLTNZ”) owns (through various subsidiaries) five retirement villages in New Zealand; four are located in Auckland (Knightsbridge, Mayfair, Parklane and The Peninsula Club) and one is located in Mt Maunganui (Ocean Shores). The Applicant has submitted that it is attracted to PLTNZ and its subsidiaries because it considers there is a substantial growth requirement for housing the ageing population in New Zealand, and that it has the capital depth and the risk-return profile suited to investing in existing and completed retirement villages. 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 Overseas Investment Regulations 2005 |
| More information | Mark Stuart Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |