Overseas investment decision for case 201410075 - Public Sector Pension Investment Board | Toitū Te Whenua

Applicant: Public Sector Pension Investment Board
Case number(s): 201410075
Decision date: 6 Nov 2014
Type: Decision

Decision	Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(c) Overseas Investment Act 2005
Decision date	6 November 2014
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 35ha of land located at six locations around New Zealand, and: An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m.
Asset Value	$1,033,122,024
Applicant	Public Sector Pension Investment Board Canadian Government (100%)
Vendor	AMP Capital Property Portfolio Limited New Zealand Public and Various Entities, New Zealand (70.31%) New Zealand Superannuation Fund, New Zealand (29.69%)
Background	The Applicant is acquiring the assets in order to diversify its global real estate portfolio and intends to continue the current use and management of the portfolio of assets. The Applicant has identified significant potential development opportunities for four of the properties. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 Act 2005 17(2)(a)(i) – Creation of Jobs 17(2)(a)(v) – Introduction of development capital 17(2)(f) – Offer to gift riverbed to the Crown Overseas Investment Regulations 2005 28(a) – Consequential benefits 28(c) – Affect image, trade or international relations 28(e) – Previous investments
More information	Ed Crook Russell McVeagh PO Box 8 Shortland Street AUCKLAND 1140

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