| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 22 March 2021 |
| Pathways | Significant business assets only National Interest assessment |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of an undivided 50% share in the ANZ Centre, 23 Albert Street, Auckland being greater than $100 million. |
| Consideration | $177,000,000 |
| Applicant | Reco Augustine Private Ltd Singapore (100.00%) |
| Vendor | Precinct Properties Holdings Limited New Zealand (49.7%) Various (25.2%) United Arab Emirates (17.3%) United States of America (4.9%) Australia (2.9%) |
| Background | The Applicant is a Singaporean incorporated company ultimately owned by a sovereign wealth fund established by the Government of Singapore. This fund is involved in long term investment in commercial properties in New Zealand. This will be the Applicant’s first investment in New Zealand. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |