Overseas investment decision for case 202100783 - NZ Healthcare Bidco Limited

Residential land development (Non-residential and Incidental residential use - one-off purchase) and significant business assets.

The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest.

An overseas investment in significant business assets, being the Applicant's acquisition of 100% of the shares in Evolution Healthcare Holdings Limited, the consideration of which exceeds $100m.

An overseas investment in sensitive land, being the acquisition of interests in approximately 0.4474 hectares of residential (but not otherwise sensitive) used for medical purposes.

The Applicant is a new entity set up for the purposes of this transaction.

The Applicant is predominantly owned by two Australian based underlying investment fund groups:

• QIC Group (associated with the Queensland State government) – approximately 42%;
• Australian Retirement Trust – approximately 40% (along with a further small (less than 5%) interest invested through QIC Group).

The Applicant is seeking consent to acquire all of the shares in healthcare provider Evolution Healthcare Holdings Limited (Target). The Target leases or owns three small residential properties used for medical purposes. The Target is currently overseas owned.

The Applicant was selected as the successful bidder after a competitive process involving multiple interested parties.

The proposed transaction was of national interest due to the involvement of non-NZ government investors.