Overseas investment decision for case 200710076 - GDF-I LLP (English LLP) | Toitū Te Whenua

Applicant: GDF-I LLP (English LLP)
Case number(s): 200710076
Decision date: 28 Jun 2007
Type: Decision

Decision number	200710076
Application number	200710092
Date	29 June 2007
Offeror/applicant	GDF-I LLP (English LLP)
Ultimate applicant beneficial ownership	31.38 percent - United Kingdom, United Kingdom Public 31.2 percent - United States of America, United States Public 23.65 percent - Various, Various overseas persons 23.65 percent - Various, Various overseas persons 13.77 percent - Australia, Australian Public
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	100 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Peninsula Road Limited & Melview Viaduct Harbour Limited 100 percent - New Zealand, McKenna (Nigel Anthony)
Business activities	Accommodation - Hotel/Motel/Lodge
Details of land involved	None.
Regions involved	Auckland Otago
Total consideration	$319,421,300
Consent sought	To acquire certain business assets and undertakings of Peninsula Road Limited and Melview Viaduct Harbour Limited.
Rationale	The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. Background: GDF-I LLP (the Applicant) is an intermediary investment vehicle established to hold a portfolio of hotel and resort assets on behalf of an investment fund -Global Destinations Fund I LP (Fund). The Applicant has entered into agreements to acquire certain resort/hotel properties in Queenstown and Auckland (the Properties). Rationale for Proposed Development: The Properties are being acquired as a bulk purchase so the Applicant can purchase at a discounted purchase price, facilitate and eventually on-sell. The acquisition will also facilitate the vendor’s completion of the development.
Contact	John Stephens Meredith Connell P O Box 2213 AUCKLAND

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