| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 13 August 2021 |
| Pathway(s) | Significant business assets only |
| Investment | An overseas investment in significant business assets, being each Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration that exceeds NZD 100 million as part of a receivables backed securitisation programme established by UDC Finance Limited. |
| Asset Value | The investment relates to a securitisation programme which will involve the acquisition of receivable assets and related rights, the value of which will initially exceed NZD 100 million and will increase further over time in aggregate across all relevant transactions. |
| Applicant | NZGT (UDC) Trustee Limited as trustee of the UDC Endeavour Auto ABS Trust 2021-1 and related future securitisation trusts New Zealand (100%) UDC Finance Limited Japan (51.4%) USA (27.46%) Various (21.14%) |
| Vendors | NZGT (UDC) Trustee Limited as trustee of the UDC Endeavour Auto Finance Trust, the UDC Endeavour Equipment Finance Trust, the UDC Endeavour Auto ABS Trust 2021-1, and any related future securitisation trusts New Zealand (100%) |
| Background | UDC Finance Limited provides financing products to retail and business customers. It has been operating in New Zealand for over 80 years. UDC Finance Limited established a securitisation programme in July 2020 to fund its core business of financing vehicle, plant, and equipment purchases in New Zealand. It has now been granted consent for a series of transactions as part of this securitisation funding programme. The consent covers acquisitions of receivable assets between securitisation trusts that are ultimately owned and controlled by UDC Finance Limited. The Applicants have satisfied the investor test criteria. |
| More information | Deemple Budhia Russell McVeagh (Auckland) PO Box 8 AUCKLAND 1140 |