| Decision number | 200610029 |
|---|---|
| Application number | 200610021 |
| Date | 14 March 2006 |
| Offeror/applicant | Macquarie Goodman Nominee (NZ) Limited 69.74 percent - New Zealand, New Zealand Public 25.29 percent - Australia, Australian Public 2.5 percent - Australia, Macquarie Bank Limited 2.35 percent - New Zealand, Goodman Holdings 0.12 percent - Various, Various overseas persons |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Allco Principals Trust |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 39.905 percent |
| Offeree(s)/seller(s) | Existing shareholders of Balmon Holdings Limited 50 percent - New Zealand, McDonald (Kevin Patrick) and Rathbun (Gregory Noel) as trustees of the Eamon Trust 50 percent - New Zealand, MacDonald (Ronald John) and Rathbun (Gregory Noel) as trustees of the Balfour Trust |
| Business activities | Property and Business Services - Property |
| Details of land involved | 1.0215 hectares of leasehold situated at Viaduct Harbour Avenue, Auckland being CTs 57643 and 107246 (North Auckland Registry). |
| Regions involved | Auckland |
| Total consideration | $44,700,000 |
| Consent sought | To acquire up to 50 percent of the securities of Balmon Holdings Limited. |
| Rationale | 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 has entered into an agreement to acquire 50 percent of the shares in Balmon Holdings Limited (Balmon). Subsidiary companies of the Balmon group have leasehold interests in the subject land known as the Viaduct Corporate Centre. Balmon, in conjunction with Viaduct Harbour Holdings Limited (who own the freehold title to the land), is in the process of undertaking a subdivision of the land. The land is used as commercial office space. The acquisition is consistent with the Macquarie Goodman Group's/Macquarie Goodman Property Trust’s strategies of owning welllocated, good quality commercial property and the continued expansion by the Macquarie Goodman Group/ Macquarie Goodman Property Trust into New Zealand across the spectrum of its investment, development, and management business. The proposal is likely to result in the following benefits:
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| Contact | Pip England/Olivia Sheaf Chapman Tripp P O Box 2206 AUCKLAND |