Overseas investment decision for case 201520007 - David Jones Pty Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision Date	27 November 2015
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 0.6617 hectares at 165-177 Lambton Quay, Wellington.
Consideration for acquisition of the lease	$1
Applicant	David Jones Pty Limited South African Public (53.79%) North American Public (24.31%) Various overseas persons (16.72%) Singapore Public (5.18%)
Vendor	Kirkcaldie & Stains Limited New Zealand Public (93.56%) Various overseas persons (6.44%)
Background	The Applicant is acquiring the lease for the Kirkaldie & Staines premises. The Applicant will refurbish and open its first 'David Jones' branded store in New Zealand in 2016. The cost of the refurbishment is expected to be around $20 million. 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)(iv) – Added market competition/greater efficiency or productivity 17(2)(a)(v) – Additional investment for development purposes Overseas Investment Regulations 2005 28(e) – Previous investments
More information	Jane Holland and Rebecca Cotter Bell Gully PO Box 4199 AUCKLAND 1140