| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 11 February 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 2.9413 hectares of land at 55 Don McKinnon Drive Albany Auckland. |
| Consideration | $45,000,000 |
| Applicant | Scentre Properties (New Zealand) Limited & Newco Albany Limited Singapore Government, Singapore (50.0%) Australian Public (24.64%) North American Public (10.635%) European Public (4.445%) Various Public, Various (3.41%) United Kingdom Public (3.245%) Asian Public (3.08%) New Zealand Public (0.375%) African Public (0.17%) |
| Vendor | General Distributors Limited Australian Public (99.21%) Various overseas persons (0.79%) |
| Background | The Applicants already own and operate 5 Westfield shopping centres in New Zealand and are currently in the process of redeveloping their Newmarket site. The Applicant sought consent to purchase the Investment as it would enable it to expand its existing shopping centre in Albany. The Vendor will lease premises to operate a supermarket in the Applicant’s development. The benefits that are likely to result from the Investment include the creation of a substantial amount of new jobs in the construction and retail sectors, the introduction into New Zealand of additional capital to develop the Investment, and the investment by the Vendor in the fit-out of its new supermarket the Applicant’s also have a proven track record of investment that has provided benefit to New Zealand. |
| More information | Nicholas Byrnes Russell McVeagh PO Box 8 AUCKLAND |
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