| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 24 May 2017 |
| Investment | An overseas investment in significant business assets, being the acquisition of a freehold interest in approximately 0.218 hectares of land situated at 46 Sales Street, Auckland (“Land”), the consideration of which exceeds $100 million. |
| Consideration | $114,531,968 |
| Applicant | CC Hera Trust Pte. Ltd. Netherlands Public (16.17%) Switzerland Public (16.1688%) Germany Public (14.52%) United Kingdom Public (9.8074%) United States Public (9.6978%) Denmark Public (9.6978%) Azerbaijan Public (9.5832%) Luxembourg Public (9.3143%) Various, Various (5.0407%) |
| Vendor | Mansons Properties (Parnell) Limited New Zealand (100%) |
| Background | The Applicant is acquiring the Land as a commercial property investment. While the Land is not “sensitive land”, consent is required as the consideration exceeds $100 million. The Applicant is part of the PAG group (“PAG”). PAG is as an alternative investment management firm, focusing its investment activities along three core strategies; private equity, real estate and absolute return. The Vendor is currently constructing an office building on the Land and is in the process of negotiation leases with office tenants who will take occupation once the building has been completed. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Andrew Petersen/Elena Chang Bell Gully PO Box 4199 AUCKLAND 1140 |