Overseas investment decision for case 202200028 - Reco Pacific Private Limited | Toitū Te Whenua

Applicant: Reco Pacific Private Limited
Case number(s): 202200028
Decision date: 31 Aug 2022
Type: Decision

Decision	Consent granted Section 13(1)(c) Overseas Investment Act 2005
Decision maker	Toitū Te Whenua Land Information New Zealand
Decision date	31 August 2022
Pathway(s)	Significant business assets National Interest assessment
Investment	Freehold interests in: Charles Fergusson Building, 38 Bowen Street, Wellington Mayfair House, 54 The Terrace, Wellington Leasehold interests in: 10 Madden Street, Auckland 12 Madden Street, Auckland
Consideration	$382,505,302¹
Applicant	Reco Pacific Private Limited Singapore 100% Precinct Pacific Investment Limited Partnership Singapore 75.1% New Zealand 17.33% United Arab Emirates 3.74% USA 1.71% Australia 1.16% Various 0.96%
Vendors	Precinct Properties Holdings Limited New Zealand 69.59% United Arab Emirates 15% USA 6.86% Australia 4.66% Various 3.89% Precinct Properties Wynyard Limited New Zealand 69.59% United Arab Emirates 15% USA 6.86% Australia 4.66% Various 3.89%
Background	Reco Pacific Private Limited (Reco Pacific) and Precinct Properties New Zealand Limited (Precinct) established Precinct Pacific Investment Limited Partnership (the LP), with the intention that the LP acquire interests in 4 commercial properties (collectively the Properties) in Wellington and Auckland. The Properties are: Charles Fergusson Building, 38 Bowen Street, Wellington Mayfair House, 54 The Terrace, Wellington 10 Madden Street, Auckland 12 Madden Street, Auckland The Properties will be acquired from the Vendors which are both wholly owned subsidiaries of Precinct. The Properties house various government agencies and commercial tenants. While the LP is acquiring both freehold and leasehold interests in land, none of this land is considered ‘sensitive land’ under the Act and therefore consent is not required to acquire sensitive land under section 12(a) of the Act. The Applicant has satisfied the investor test and the national interest test.
More information	Andrew Petersen Bell Gully (Auckland) PO Box 4199 Auckland 1140

_{¹Total consideration does not represent the amount received by Precinct Properties New Zealand Limited for the sale of the Asset}

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