Overseas investment decision for case 200520066 - Huka Trust

To acquire:

1. an estate or interest in land which together with any associated land exceeds 0.4 hectares and includes/adjoins land that exceeds 0.4 hectares which is provided as a reserve, a public park, for recreation purposes, or a private open space; and
2. an estate or interest in land which together with any associated land exceeds five hectares in area.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has significant business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The subject property is a private residence and was acquired by Mr Alexander van Heeren in 1988. The property is adjacent to the property upon which the luxury lodge, Huka Lodge is situated. The subject property is utilised by the van Heeren family when they visit New Zealand. It has been occasionally used to supplement accommodation at Huka Lodge. The house is currently undergoing renovations to provide additional accommodation for guests of Huka Lodge.

Mr van Heeren proposes to transfer the property into a Trust known as Huka Trust. It is advised that Mr van Heeren is restructuring his international private assets into trust entities, and the proposed transfer to the trustees of the Huka Trust is part of those asset protection procedures.

The transaction is essentially a transfer of assets for family and asset protection measures, and the vendor will retain a beneficial interest in the property along with members of the vendor's immediate family. The transfer will not alter the use of the property which is used to supplement accommodation at the lodge.