| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 21 September 2020 |
| Pathway(s) | Significant business assets |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of property in New Zealand for consideration exceeding $100 million. The property acquired is a freehold interest in 3.0433 hectares of non-sensitive land at 600-604 Great South Road, Auckland. |
| Consideration | $210,023,756 |
| Applicant | Millennium Centre Trustees Limited New Zealand (50.1%) Singapore (22.4%) Australia (12.4%) USA (4.4%) United Kingdom (1.1%) Europe (1.1%) Various overseas persons (8.5%) |
| Vendor | Goodman Nominee (NZ) Limited New Zealand Public (67.4%) Australian Public (25.6%) North American Public (5.5%) Asian Public (0.8%) European Public (0.7%) |
| Background | The applicant is part of the wider Oyster Property Group, a New Zealand commercial property and funds manager. The property was acquired as part of a syndicated proportionate property ownership programme. 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. |
| More information | David Butler Russell McVeagh PO Box 8 AUCKLAND 1140 |
| Retrospective penalty | $10,000 |