| Decision number | 200720005 |
|---|---|
| Application number | 200710044 |
| Date | 12 July 2007 |
| Offeror/applicant | AMP Napier No 2 Limited |
| Ultimate applicant beneficial ownership | 51.61 percent - New Zealand, New Zealand Public 48.39 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 48.39 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Kopaki Bay Limited 100 percent - New Zealand, Logan (Gerard Joseph), McLeod (Stella Pamela) and Throp (Graham Hunter) as trustees of the East Links Trust |
| Business activities | Property & Business Services -Property |
| Details of land involved | 72.2106 hectares of freehold land situated at Puketitiri Road, Puketitiri, Hawkes Bay being CTs 154937, 154938, 154939, 154936, HBY1/988, HBY1/989, HBY1/990 and HYB1/991 (Hawkes Bay Registry). |
| Regions involved | Gisborne/Hawkes Bay |
| Total consideration | $2,700,000 |
| Consent sought | To acquire 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. |
| 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. AMP Capital Investors (New Zealand) Limited (AMP Capital) proposes to enter into a joint venture with two New Zealand companies to develop land in the Hawkes Bay. AMP Capital will participate in the Joint Venture through an investment fund under its control, known as AMP Private Equity Real Estate Fund II (APEREF). The Applicant is a wholly owned subsidiary of APEREF.The Joint Venture proposes to subdivide and develop the land, ultimately selling the developed sections on the open market as lifestyle blocks. The Applicant advises that the proposed development is likely to consist of a minimum of 51 individual sections. The proposed investment is likely to provide additional equity funding to assist in the development of the land and satisfy the Applicants' investors demand for an increasingly diverse range of assets. The proposal is likely to result in the following benefits:
|
| Contact | Andrew Hudson Morrison Kent P O Box 10035 WELLINGTON |