| Decision | Consent granted Sections 12(a) and 23A Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 20 July 2022 |
| Pathway(s) | Residential land development (More than one purpose - Standing consent) |
| Investment | Overseas investments in sensitive land, being Metlifecare Limited's acquisition of interests in residential (but not otherwise sensitive) land. |
| Specify amount type | Not yet determined |
| 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 | Not yet determined |
| Background |
Metlifecare is a retirement village operator in New Zealand that acquires residential land to develop into retirement villages, being long-term accommodation facilities under the Act. This standing consent has been granted in accordance with the Increased Housing, Non-Residential Use and Incidental Residential Use tests set out in Schedule 2 of the Act. We are satisfied that Metlifecare Limited has demonstrated that residential land acquired under this standing consent is likely to be used in the construction of, or an increase of the number of dwellings in, a long-term accommodation facility, per Schedule 2 of the Act. This standing consent (for a maximum of 25 transactions by 20 July 2027) will permit Metlifecare to acquire up to a total of 300 hectares of residential (but not otherwise sensitive) land located in several regions around the country. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 Auckland 1140 |