| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 4 November 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 1.1892 hectares of land at Gabador Place, East Tamaki, Auckland. |
| Lease Value | To be advised |
| Applicant | Marstel Terminals Limited State Authorities Superannuation Trustee Corporation, Australia (45.0%) Marstel Holdings Limited, New Zealand (50.0%) Oleate Pty Limited, Australia (5.0%) |
| Vendor | Ports of Auckland Limited New Zealand (100%) |
| Background | To support the Wynyard Quarter redevelopment and in agreement with Ports of Auckland Limited (POAL) that the parties would work together to achieve the eventual relocation of the Applicant’s Hamer Street terminal the Applicant entered into an agreement to lease the land in 2005 from POAL. POAL is currently seeking a boundary adjustment of the land to make the site more efficient for the future expansion of the terminal facilities. The Applicant is therefore seeking consent for the acquisition of the restated leasehold interest in the Gabador adjusted area. 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 Regulations 2005 |
| More information | Neil Millar/Amanda Spratt Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |