| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 22 December 2021 |
| Pathway(s) | Significant business assets only |
| Investment | An overseas investment in significant business assets being the Applicant’s acquisition of a portfolio of six established retirement villages with aged care facilities (at premises 1-6 below) and an established commercial laundry operation (at the premises in 7 below): 1. Selwyn Park (at 15-27 Puriri Park Road, Whangarei) with 88 care rooms and 17 independent living units; 2. Selwyn Heights (at 42 Herd Road, 10 Korma Road, and 167 Pah Road, Auckland) with 59 care rooms and 245 independent living units; 3. Selwyn Oaks (at 21/35D Youngs Road, Papakura, Auckland) with 48 care rooms and 16 independent living units; 4. Selwyn Wilson Carlile (at 544/562 Grey Street and 22A Dawson Street, Hamilton East) with 59 care rooms and 10 independent living units; 5. Selwyn St Andrew’s (at 31, 31a, 33, 35-41, 45, 47, 49 Bryce Street and 103, 111 Victoria Street, Cambridge) with 24 care rooms and 64 independent living units 6. Selwyn Sprott (at 29 Messines Road, Karori, Wellington) with 90 care rooms and 14 independent living units; and 7. A commercial laundry operation (at 3/38 Eaglehurst Road, Ellerslie, Auckland) as a going concern. |
| Asset Value | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Metlifecare Limited 100% owned by EQT Partners Infrastructure Fund IV, which is 100% overseas owned. No one entity holds more than 5% of this fund. |
| Vendor | The Selwyn Foundation New Zealand (100%) |
| Background | The Applicant is a large owner and operator of a portfolio of retirement villages, predominantly in the upper North Island, accommodating more than 6,000 New Zealanders. The Applicant will acquire the portfolio of retirement villages with aged care facilities and commercial laundry operation (described above) via its wholly owned subsidiary, Metlifecare Retirement Villages Limited. This consent is for significant business assets only and not for any interest in sensitive land. The Applicant intends to rely on its standing consent (consent 201810184) to acquire the residential land forming part of the portfolio. The Applicant has satisfied the investor test criteria. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 Auckland 1140 |