Applicant
DEKRA SE
Case number(s)
201320035
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision date25 October 2013
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Vehicle Testing Group Limited which owns or controls:

  • a leasehold interest in approximately 1.6874 hectares of land at 31 Banks Street, Gisborne; and
  • a leasehold interest in approximately 1.1797 hectares of land at 10 Titahi Bay Road, Porirua; and
  • a leasehold interest in approximately 0.7691 hectares of land at 5A Cavendish Drive, Manukau City; and
  • a leasehold interest in part of approximately 5.0523 hectares of land at 451 Ti Rakau Drive, Botany, Auckland.
Consideration$55,000,000 subject to adjustment in accordance with the Share Sale Agreement
ApplicantDEKRA SE
DEKRA e.V, Germany (100.0%)
VendorMTA Group Investments Limited
Motor Trade Association Incorporated, New Zealand (100%)
Background

The Applicant intends to introduce new technology and business skills into the vehicle testing business of Vehicle Testing Group Limited.

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)(ii) – New technology or business skills

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(c) – Affect image, trade or international relations
28(j) – Oversight and participation by New Zealanders

More informationErich Bachmann
Hesketh Henry
Private Bag 92093
AUCKLAND