Overseas investment decision for case 201610078 - Oaks Hotels and Resorts NZ Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision Date	7 November 2016
Investment	An overseas investment in sensitive land, being the Applicant's acquisition (in one or more transactions) within six years of the date of consent of any interest in the Metropolis Apartment Complex, 1 Courthouse Lane, Central Auckland.
Consideration	$9,100,000 for the first transaction
Applicant	Oaks Hotels and Resorts NZ Limited Thai Public (99.73%) Various overseas persons (0.27%)
Vendor	The trustees of the Honourable Family Trust, the trustees of the Glory Family Trust and Chang Eun Oh New Zealand (100%)
Background	The Applicant intends to introduce its Avani brand to NZ by upgrading the Metropolis Apartment Complex to the required Avani 4.5-5 star standard. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 17(2)(a)(i) – Creation of Jobs 17(2)(a)(iii) – Increased export receipts 17(2)(a)(iv) – Greater productivity or efficiency 17(2)(a)(v) – Additional investment for development purposes Overseas Investment Regulations 2005 28(e) – Previous investments
More information	Andrew Monteith Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140