Overseas investment decision for case 200710026 - AMP NZ Property Retail Limited

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; 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 Applicant is the retail acquisition vehicle of the AMP NZ Property Fund, a diversified property fund investing in commercial office, industrial, retail and hotel development properties in New Zealand and is managed by AMP Capital Investors (New Zealand) Limited. The Applicant is proposing to acquire the land, which is adjacent to the Northwood Supa Centre owned by the Applicant, for the development of an extension to the retail shopping centre.

The proposal is likely to result in the following benefits:

1. the creation of new employment opportunities;
2. the introduction of development capital; and
3. enhanced domestic services.