| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 26 August 2020 |
| Pathway(s) | Sensitive land – benefit to New Zealand (201900676) Sensitive land – substantial and identifiable benefit to New Zealand (202000202) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 2.3415 hectares of land at 15 Beach Road, Waihi Beach (201900676) An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 5.6693 hectares of land at 535 Papamoa Road, Papamoa 3118 (202000202) |
| Consideration | $8,000,000 (201900676) $15,500,000 (202000202) |
| Applicant | Tasman Tourism New Zealand Limited Al Sariya Third Commercial Investments RSC Limited, United Arab Emirates (90.0%) Tasman Capital Management Pty Ltd, Australia (10.0%) |
| Vendor | Waihi Beach Holiday Park Limited (201900676) New Zealand (100%) Papamoa Beach Holiday Resort Limited (202000202) New Zealand (100%) |
| Background | The Applicant is a joint venture between an Australian private equity firm (with experience in the holiday park industry) and an investment company based in Abu Dhabi. The Applicant is acquiring a portfolio of holiday parks in New Zealand. The Applicant intends to appoint a general manager and two management support personnel in New Zealand to manage the holiday parks. There are two related applications, relating to holiday parks at Papamoa and Waihi Beach. A third park in the portfolio, located at Beachaven in Waihi Beach, did not require OIO consent. Despite the COVID-19 pandemic, the Applicant remains committed to its development plans for the New Zealand holiday parks and plans to introduce additional investment for development purposes though capital expenditure of $ Withheld under s9(2)(b)(ii) of the Official Information Act (split between the three parks in its New Zealand portfolio) on facilities, maintenance and accommodation. The flow-on effects of this investment are likely to include improved domestic services (through improved facilities), increased export receipts (through an increase in the number of accommodation units), jobs (in the construction of new facilities and accommodation units) and serve to advance the Government’s tourist strategy. |
| More information | Simon Peart Chapman Tripp PO Box 993 WELLINGTON 6140 |
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