Fisher & Paykel receives land purchase approval
By HME News Staff
Updated 9:36 AM CDT, Thu April 27, 2023
AUCKLAND, New Zealand – Fisher & Paykel Healthcare has received approval from the Overseas Investment Office (OIO) to proceed with its acquisition of a 105-hectare site in Karaka, Auckland, where it plans to build a second campus. “We welcome this approval from the OIO,” said Lewis Gradon, managing director and CEO. “We see the Karaka campus as both an important enabler of our growth and a positive addition to an area undergoing exciting change.” Development of the new campus will occur over 30 to 40 years. The initial focus will be on implementing a private plan change to re-zone the land, designing the core infrastructure and commencing earthworks over the next five years. “Fisher & Paykel Healthcare is committed to environmental and social responsibility,” said Jonti Rhodes, vice president, supply chain, facilities and sustainability. “We understand that our role is to be good custodians of the land as we prepare it for its next journey.” F&P paid a 10% deposit of the $275 million purchase price in September 2022. It will pay the balance on staggered settlement dates: $189.5 million in May, a further $43 million in January 2026 and the final installment of $15 million in December 2026. A summary of the key terms of the sale and purchase agreement is available in this company news release.
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