| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 18 June 2019 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 53.1% of the units in Blackstone Property Partners Asia (Lux) SCSp, the value of the assets of Blackstone Property Partners Asia (Lux) SCSp and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | The assets are worth approximately $635,000,000 in total. The value of the New Zealand assets has not been specified but is worth more than $100 million. |
| Applicant | Al Sariya Third Commercial Investments RSC Limited United Arab Emirates (100.0%) |
| Vendor | Blackstone Property Partners Asia (Lux) SCSp Hong Kong (SAR) (49.04%) Switzerland (19.24%) Canada (12.50%) United Kingdom (7.69%) United States of America (5.77%) Japan (2.88%) Guatemala (2.88%) |
| Background | The application relates to the BPPA fund (the Fund) which specialises in real estate investments in the Asia-Pacific region. The Fund indirectly owns shares in Wynyard Precinct Holdings Limited, which indirectly owns a number of commercial properties in Auckland. The Applicant is being added as a new investor to the Fund. 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 | Simon Peart Chapman Tripp PO Box 993 WELLINGTON 6140 |