Overseas investment decision for case 200710055 - SAITeysMcMahon NZ Diversified Property Fund of Australia

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The SAITeysMcMahon NZ Diversified Property Fund, part of the SAITeysMcMahon Property Limited (SAI) property group, proposes to acquire the freehold interest in the land and take an assignment of a lease at 291-297 Queen Street, Auckland known as the SkyCity Metro retail/entertainment centre. The acquisition is part of SAI's investment and development strategy in the New Zealand commercial property market. SAI intends to maximise the potential of the property through the development and upgrade of the property.

The proposal is likely to result in the following benefits:

1. the creation of new job opportunities;
2. enhanced domestic services in New Zealand; and
3. the introduction into New Zealand of additional investment for development purposes.