| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 16 August 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of leasehold interests in approximately 1.4698 hectares of land being the site of the Hilton Hotel located on Princes Wharf, Auckland. |
| Consideration | $54,500,000 |
| Applicant | Ambrosia Land Limited & Ewart NZ Management (No.2) Limited Singapore (100%) |
| Vendor | Direct Property Investments (No.6) Limited, Princes Wharf Hotel Limited, Quay Street Leases Limited and Asteron Trust Services Limited New Zealand (100%) |
| Background | The Applicant companies are owned by the Kum family, which invests in hotels in the Asia Pacific region. The Applicant intends to improve the Hilton Hotel performance through increased occupancy and higher use of banquet facilities using the Applicant’s experience in the hotel sector. 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 Overseas Investment Regulations 2005 |
| More information | Andrew Monteith Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |