| Decision | Consent Approved Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 26 July 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in up to 30 hectares of the land in any of the following properties:
|
| Consideration | $25,200,000 |
| Applicant | Ruakura Inland Port LP Waikato Iwi, New Zealand (50.0%) Brookfield Infrastructure Fund II (33.5%) British Columbia Investment Management Corporation, Canada (5.5%) GIC Private Limited, Singapore (5.5%) Qatar Investment Authority, Qatar (5.5%) |
| Lessor | Ruakura Limited Waikato Iwi, New Zealand (100%) |
| Background | Ruakura Limited and C3 Limited propose to establish a joint venture in the form of a limited partnership, Ruakura Inland Port LP, to develop and operate a new inland port at Ruakura, near Hamilton. The planned inland port will be a logistics centre for the processing of freight sent to or from the ‘traditional’ ports. Ruakura Limited is involved in property investment and development for the benefit of Waikato-Tainui Iwi. A particular focus is the Ruakura development, which is expected to become New Zealand's largest integrated commercial and lifestyle development. The inland port will be the cornerstone of this project. C3 Limited (the overseas owned joint venture partner) is New Zealand's largest on-wharf logistics company. It is part of the LINX Group of companies. The LINX Group provides logistics services throughout Australasia. The construction of the inland port is estimated to bring in additional development capital in the vicinity of $10 million and will create an estimated 58 FTE jobs during its construction phase. Five permanent FTE jobs will be created once the inland port operations begin with a further six FTE jobs estimated to be phased in during the first two years. Because the inland port will result in increased use of rail for freight transport, there will be a number of consequential benefits: a reduction of freight road trips; reduced carbon emissions; more efficient freight movement; and added competition between providers of freight services resulting in improved domestic freight and rail services. The inland port will be an important and enduring asset for the Waikato-Tainui Iwi. The land will remain 100% New Zealand owned and 50% of the joint venture entity will remain owned by New Zealanders. The investment accords with the Government’s commitment to the principle of rangatiratanga set out in the Treaty of Waitangi. This investment will give the Waikato-Tainui Iwi the opportunity to forge their own destiny and delivers substantial and identifiable benefits for all New Zealanders. This is precisely the kind of high-quality overseas investment the Government wishes to encourage. |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |