| Decision | Consent granted retrospectively Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 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 Waikanae North Limited which owns or controls a freehold interest in 60.8891 hectares of land at SH1, Waikanae. |
| Consideration | $7,020,000 |
| Applicant | APEREF II Limited Australian Public (44.0258%) AMP Investments New Zealand Property Fund, New Zealand (40.5%) AMP Superannuation Investment Trust, New Zealand (7.89%) New Zealand Public (4.3542%) John O'Sullivan, New Zealand (3.23%) |
| Vendor | AMP Property Opportunity Fund Limited and AMP Property Opportunity Charitable Fund Limited joint venture New Zealand Public (44.8207%) Australian Public (37.0093%) AMP Property Opportunity Charitable Fund Limited, New Zealand (18.17%) |
| Background | The acquisition of the shares in Waikanae North Limited, by APEREF represented an opportunity for APEREF for a long-term investment in a residential property development, which met the investment objectives of APEREF and has potential for good returns to its shareholders. The development involved a residential subdivision, recreational areas, a neighbourhood retail area and a retirement village. 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 |
| More information | Jocelyn Martin Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |
| Retrospective penalty | $10,000.00 |