Applicant
Dominion Diversified NZ Property Fund Limited
Case number(s)
200720024
Decision date
Type
Decision
Decision number200720024
Application number200710046/200720058
Date10 September 2007
Offeror/applicantAustralian investors in Dominion Diversified NZ Property Fund Limited of Australia
Ultimate applicant beneficial ownership100 percent - Australia
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed100 percent
Offeree(s)/seller(s)New Zealand Public of New Zealand
Business activitiesProperty & Business Services - Property
Details of land involvedNone.
Regions involvedVarious
Total consideration$250,000,000
Consent soughtTo acquire up to 100 percent of the convertible notes of Dominion Diversified NZ Property Fund Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

Outline of Proposed Development:
The Dominion Diversified NZ Property Fund Limited (Dominion Property Funds) proposes to establish a property fund (the Fund) that will acquire various investment grade quality property assets in New Zealand (the Property Acquisition), following the issuance of approximately NZ$250 million in convertible notes to Australian investors (the Capital Raising, and together with the Property Acquisition, the Transaction).

Rationale for Proposed Development:
The Applicant is undertaking the overseas investment to gain access to significant investment capital from Australia that is not otherwise available in New Zealand. The Applicant would like to obtain consent to effect the Transaction before the Applicant markets the Fund to Australian investors.

ContactAndrew Abernethy
Bell Gully
PO Box 1291
Wellington