| Decision | Consent granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 28 February 2025 |
| Pathway | Sensitive Land – Benefit test |
| Investment | Freehold interests in residential units at Arvida Glenbrae (22 Hilda Street, Rotorua) and Arvida Olive Tree (11-13 Dalwood Grove, Palmerston North). |
| Consideration | To be determined |
| Applicant | Arvida Limited Asia 38% Middle East 38% North America 16% Various 13% |
| Vendor | Various landowners |
| Background | The Applicant is a retirement village operator with 35 retirement communities in New Zealand. It is ultimately owned by the Stonepeak Asia Infrastructure Fund, managed by the New York based investment firm Stonepeak Partners LP. The Applicant has been granted consent to purchase up to 38 units across the Arvida Glenbrae Village and Arvida Olive Tree Village and Apartments. The Applicant may buy the units as they come to market in order to carry out significant refurbishment. It will also convert the unit titles into occupation licences, which will reduce the compliance costs of running and maintaining the villages. The main benefits to New Zealand are likely to include capital expenditure, and enhanced viability of existing assets. |
| More information | Guy Bidwill |