| Decision number | 200710009 |
|---|---|
| Application number | 200620106 |
| Date | 14 February 2007 |
| Offeror/applicant | Multiplex Developments (NZ) Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 50 percent |
| Offeree(s)/seller(s) | Existing shareholders in Pegasus Town Limited 66.27 percent - New Zealand, Robertson (Robert Hay and Jennifer) 33.73 percent - New Zealand, New Zealand Public |
| Business activities | Property & Business Services - Property |
| Details of land involved | 401.3321 hectares of freehold situated at 1120 Main North Road, Woodend, and 397 Williams Road, Kaiapoi, Canterbury being CTs 109779, 3981, CB10K/269, CB134/39, CB23F/1056, CB30F/235, CB30F/236, CB30F/237, CB30F/238, CB33A/1161, CB39D/99, CB43D/586, CB43D/587, CB443/10, CB443/94, CB45C/1288 and CB605/54 (Canterbury Registry). |
| Regions involved | Canterbury |
| Total consideration | $28,255,915 |
| Consent sought | To acquire up to 50 percent of the shares of Pegasus Town 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. Multiplex Developments (NZ) Limited (Multiplex) proposes to acquire 50 percent of the shares of Pegasus Town Limited (Pegasus). Pegasus is the registered proprietor of the land which is located 25 kilometres north of Christchurch. The land is to be developed into a town (Pegasus Town) which is zoned to accommodate a population of approximately 5,000 people and will comprise approximately 2,000 residential sites and 300 retail/commercial sites. Pegasus Town's proposed facilities include a 13 hectare recreation lake, 20 hectares of reserves, parks and open spaces, 105 hectares of conservation and wetland areas, a primary school and pre-school site, an 18 hole golf course, tennis courts, a surf club on Pegasus Beach, an aquatic centre and an equestrian centre. The acquisition of the shares will add to the Multiplex Group's New Zealand property development portfolio and provide the ability to reduce the risk of being a sole developer. The proposal is likely to result in the following benefits:
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| Contact | Greg Thompson/Edward Dunphy Russell McVeagh PO Box 8 AUCKLAND |