Applicant
Investore Property Limited
Case number(s)
201900685
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Section 13(1)(c) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date24 April 2020
PathwaysSensitive land – benefit to New Zealand
Significant business assets
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of freehold interest in the following parcels of land:
  • approximately 2.1594 hectares of land at 295 Penrose Road, Mt Wellington Shopping Centre, Mt Wellington; and
  • approximately 3.7393 hectares of land at 65 Chapel Street, Bay Central, Tauranga.
An overseas investment in significant business assets, being the Applicant’s acquisition of freehold interest in the aforementioned parcels of land and a further freehold interest in approximately 2.7058 hectares of land located at 2 Carr Road, Three Kings, Auckland, which is not considered sensitive under the Act, which together have a value of greater than $100 million.
Consideration$140,750,000
ApplicantInvestore Property Limited
New Zealand (88.46%)
Australia (11.05%)
Various (0.49%)
VendorStride Property Limited and Stride Holdings Limited
New Zealand (88.11%)
Australia (9.19%
Various (4.7%)
Background

The Applicant is a commercial property ownership business that invests in quality ‘Large Format Retail’ property assets, being single-storey or low-level properties comprising retail shops, outlets, and car parking areas. The Applicant owns many Large Format Retail properties in New Zealand.

The benefits of this Investment include oversight and participation by New Zealanders, with the Applicant’s five directors being New Zealand residents and a relatively high level of the Applicant’s shares being held by New Zealanders. The Applicant has acquired Large Format Retail properties in New Zealand in the past and has invested beneficially in them including maintaining and upgrading these properties. 

More informationGlenn Shewan
Bell Gully 
PO Box 4199
Auckland 1140