| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 March 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of The NZ Guardian Trust Company Limited, which in a trustee capacity, owns or controls a freehold interest in 13,691.7300 hectares of land at various locations around New Zealand. |
| Consideration | $42,000,000 |
| Applicant | The Trust Company Limited Australia (100%) |
| Vendor | Suncorp Group New Zealand Limited Australia (100%) |
| Background | The Applicant is positioning for growth in its chosen markets and considers The New Zealand Guardian Trust to be an established and reputable corporate trustee which the Applicant has the potential to grow as part of its international expansion plans. The Applicant will look to leverage off its regional presence in Australia, New Zealand and Singapore to attract business from further afield, helping to raise the profile of the New Zealand corporate trustee industry in the process. The overseas investment transaction has satisfied the criteria in section 16 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 Overseas Investment Regulations 2005 |
| More information | Adrien Hunter Chapman Tripp (Auckland) PO Box 2206 AUCKLAND 1140 |