AGP, Arvida secure approvals for retirement villages deals

1st April 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

Singapore investor AGP has gained approval to buy $40m of bare land from a subsidiary of retirement village company Freedom Group.

The acquisition is for approximately 80% of the shares in Assetz NZ Freedom LL Limited, which would see AGP vehicle Assetz NZ LL Property Pte. Ltd take control of around 9 hectares of residential land in Masterton and approximately 11 hectares in Ashburton.

“The applicant is ultimately owned by funds controlled by AGP Sustainable Real Assets, a fund and asset management firm headquartered in Singapore,” stated the OIO in a summary of its decision. 

“This development will be a joint venture between the applicant and Freedom Group Holdings Limited, a New Zealand developer and operator of lifestyle villages, to develop two lifestyle retirement villages. One in Masterton (approximately 221 dwellings) and one in Ashburton (approximately 255 dwellings).

“Both developments are expected to have initial stages operational from 2027 and have all stages operational by 2030. Freedom Group Holdings Limited will manage the development, sale and operation of the lifestyle villages.”

The OIO said consent was granted as the applicant met both the investor test criterion and the increased housing test.

In a separate retirement village deal, Arvida, which is owned by the Stonepeak Asia Infrastructure Fund and managed by the New York-based investment firm Stonepeak Partners LP, has also been granted OIO consent for property purchases.

The retirement village operator, which has 35 retirement communities in New Zealand, can acquire the freehold interests in residential units at Arvida Glenbrae at 22 Hilda Street in Rotorua, and Arvida Olive Tree at 11-13 Dalwood Grove in Palmerston North.

The vendors are listed as ‘various landowners’ in the deal, with the sum to be determined.

“The applicant has been granted consent to purchase up to 38 units across the Arvida Glenbrae Village and Arvida Olive Tree Village and Apartments,” stated the OIO.

“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.”