Overseas investment decision for case 201720083 - City Developments Limited

An overseas investment in sensitive land, being the Applicant's acquisition of shares in Millennium & Copthorne Hotels plc which, via its interests in Millennium & Copthorne Hotels New Zealand Limited and CDL Investments New Zealand Limited (and their other subsidiaries), has interests in approximately:

• 5.2250 hectares of land in the Far North District
• 27.8617 hectares of land in Auckland Council region
• 101.4772 hectares of land in Hamilton City region
• 1.0109 hectares of land in the Rotorua District
• 0.8819 hectares of land in the Southland District
• 11.7755 hectares of land in Nelson City region.

City Developments Limited proposes to increase its existing ownership interest in Millennium & Copthorne Hotels plc, which holds interests in Millenium & Copthorne Hotels New Zealand Limited and CDL Investments New Zealand Limited, which hold interests in sensitive land and collectively have assets valued at over $100 million.

The investment is likely to result in the following benefits to New Zealand:

• previous investments, including introducing over $120 million at present dollar value of additional capital and employing approximately 1,200 employees in New Zealand; and
• maintaining New Zealand’s image overseas, because the underlying transaction triggering the consent requirement occurs in anticipation of an upstream takeover between two foreign-listed companies.