GENERAL: MET: OIO Standing Consent Granted 02:25p.m. 
13/06/2019 14:25  
REL: 1425 HRS Metlifecare Limited  
GENERAL: MET: OIO Standing Consent Granted  
13 June 2019  
Metlifecare is the first retirement village operator and the second company  
in New Zealand to be granted a standing consent for residential land  
purchases by the Overseas Investment Office (OIO).  
The standing consent acts as a form of 'pre-approval' and allows Metlifecare  
to make up to 12 transactions over the next three years. The company can  
purchase up to 120 hectares of non-sensitive residential land in a number of  
regions across New Zealand, without requiring individual approvals from the  
Although majority locally owned and operated, under the Overseas Investment  
Act 2005, Metlifecare is defined as an overseas person with over 25% of its  
shares held by investors based offshore, triggering the Act's foreign  
ownership threshold.  
Glen Sowry, Chief Executive Officer of Metlifecare, says the standing consent  
will provide both practical and financial benefits for the company.  
"This is a positive step forward for Metlifecare as it continues to focus on  
developing and building its new generation retirement living environments for  
older New Zealanders. With the 'pre-approval' in place we're able to expedite  
residential land purchases by providing greater certainty to vendors and  
quicker settlement timeframes which in turn allows for sites to be unlocked  
to start developments sooner," says Sowry.  
This type of standing consent was introduced as part of the Overseas  
Investment Amendment Act 2018 and allows retirement village operators to meet  
the high demand for retirement housing. Only companies with a proven track  
record, detailed business plans and processes are granted standing consents.  
For more information on OIO standing consents visit:  
For more information please contact:  
Glen Sowry  
Chief Executive Officer  
Phone: 09 539 8033  
Mobile: 021 472 051  
Metlifecare is a leading New Zealand owner and operator of retirement  
villages, providing rewarding lifestyles and care to more than 5,000 New  
Zealanders. Established in 1984, it currently operates 25 villages, located  
primarily in high-value and high-growth regions of New Zealand's upper North  
Metlifecare is listed on the NZX and ASX.  
End CA:00335979 For:MET Type:GENERAL Time:2019-06-13 14:25:34  

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