| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 9 May 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a leasehold interest in approximately 12 hectares of land at 600 Island Road, Puketutu Island, Mangere (“the Land”). |
| Consideration | $4,646,446 |
| Applicant | Waste Management NZ Ltd Chinese Government, China, People's Republic of (50.5191%) China Public (49.4809%) |
| Vendor | Auckland Council New Zealand (100%) |
| Background | The Applicant is a large recycling and waste services company which has made significant previous investments in New Zealand. The Applicant currently operates a green-waste composting facility on the Land. The Land is leased from Auckland Council for a term ending on 8 January 2028. The Investment is an extension of the existing lease for 10 years and a slight boundary adjustment (the total area of the lease is not changing). The Investment will provide the Applicant with security of tenure to continue to operate the green-waste composting facility beyond 2028. The Investment will also result in the Applicant funding an environmental restoration plan for Puketutu Island and a contribution of 1000m3 of compost for use in accordance with that plan. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Regulations 2005 |
| More information | Dominic Rowe Russell McVeagh PO Box 10-214 WELLINGTON |