| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 22 December 2021 |
| Pathway(s) | Non-residential use (one-off consent) Significant business assets |
| Investment | Acquisition of 100% of the shares in Ritchies Transport Holdings Limited and Coachline Properties Limited (together, the Targets), who hold leasehold interests in the Land. |
| Land | Approximately 0.2928 hectares of residential land in North Auckland, being the lands contained in NA828/12, 59617, and NA1037/122. Part of approximately 10.0028 hectares of residential land at 134 Turvey Road, being part of the lands contained in NA82C/951 and NA17D/1487. |
| Consideration | Withheld under s 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Rome NZ Bidco Limited and Rome NZ Propco Limited Canada (18.3%) United Arab Emirates (12.5%) People’s Republic of China (12.5%) Luxembourg (10.5%) Singapore (6.5%) Germany (5.4%) Cayman Islands (5.3%) Hong Kong (5.0%) New Zealand (5.0%) United States of America (4.6%) South Korea (2.9%) Australia (2.5%) Kuwait (2.5%) Taiwan (2.5%) Malaysia (2.2%) Various (1.6%) |
| Vendor | AJR Investments Limited and Beverley Hills Investments Limited New Zealand (100%) |
| Background | The Applicants are seeking to acquire 100% of the shares in the Targets, who hold leasehold interests in the Land. The Applicants are special purpose vehicles incorporated in New Zealand for the purposes of the Investment. They are ultimately majority owned by the widely held KKR Asia Pacific Infrastructure Investors SCSp and are affiliated with Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, KKR)). KKR is a global investment company. The Targets operate a transportation business, offering bus and coach (including hire) services to schools, businesses, and the general public. The Applicants intend to continue operating the Targets as a transportation business. The Land, currently used as bus depots, will continue to be used as bus depots. The non-residential land use outcome will apply as the Land will be used for non-residential purposes in the ordinary course of the Applicant’s business. The OIO has determined that none of the factors in section 18A(4) are established and the investor test is met. |
| More information | Matthew Olsen Mayne Wetherell Level 5 Bayleys House 30 Gaunt Street Auckland |