Overseas investment decision for case 201320049 - TCC Assets Limited, International Beverage Holdings Limited and Interbev Investment Limited

An overseas investment in sensitive land, being the Applicant’s acquisition of ordinary shares in Fraser and Neave Limited (“F&N shares”) and ordinary shares in Frasers Centrepoint Limited (“FCL shares”), as follows:

• the acquisition of approximately 90% of the F&N shares prior to March 2013 (retrospective consent required); and
• the acquisition of up to 100% of the FCL shares by one or more of the entities comprising the Applicant.

Until January 2014, Fraser and Neave Limited (“F&N”), through its Singapore based property arm Frasers Centrepoint Limited (“FCL”) and its New Zealand subsidiary Frasers Papamoa Limited (“FPL”) owned sensitive land.  F&N no longer holds an interest in sensitive land following a demerger in January 2014, but FCL and FPL continue to hold an interest in that sensitive land.  The sensitive land comprises:

• a freehold interest in approximately 0.4990 hectares of land at 530 Gloucester Road, Papamoa; and
• a freehold interest in approximately 0.5130 hectares of land at 536 Gloucester Road, Papamoa; and
• a freehold interest in approximately 0.4730 hectares of land at 538 Gloucester Road, Papamoa; and
• a freehold interest in approximately 7.5980 hectares of land at 520 Gloucester Road, Papamoa; and
• a freehold interest in approximately 0.6070 hectares of land at 540 Gloucester Road, Papamoa; and
• a freehold interest in approximately 2.7167 hectares of land at 1 Papamoa Beach Road, Papamoa.

(“the Investment”)

The Applicant has sought consent to both retrospective and prospective transactions.

The sensitive land at Papamoa Beach will eventually be developed into a residential housing subdivision.

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) – Jobs

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations