| Decision number | 200620084 |
|---|---|
| Application number | 200620093 |
| Date | 21 December 2006 |
| Offeror/applicant | Highbrook Business Park Limited |
| Ultimate applicant beneficial ownership | 76.3893 percent - New Zealand, New Zealand Public 15.3494 percent - Australia, Australian Public 6.322 percent - Various, Various overseas persons 1.9393 percent - New Zealand, Goodman Holdings |
| Beneficial overseas ownership | |
| - Asset current | 68.205 percent |
| - Asset proposed | 21.6714 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Highbrook Development Limited (Highbrook) 46.665 percent - Australia, Australian Public 25.1875 percent - New Zealand, New Zealand Public 21.54 percent - Various, Various overseas persons 6.6075 percent - New Zealand, Goodman Holdings |
| Business activities | Property & Business Services - Property |
| Details of land involved | 2.1352 hectares situated at Highbrook Drive, East Tamaki, Auckland being part CT NA132B/111 (North Auckland Registry) initially as a leasehold interest, and subsequently as a freehold interest. |
| Regions involved | Auckland |
| Total consideration | $4,975,000 |
| Consent sought | To acquire 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. |
| 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. Macquarie Goodman Group (MGQ), which owns 75 percent of Highbrook, wishes to rationalise and consolidate its New Zealand investments and to achieve this is proposing to sell interests in certain properties (including the subject property) to MGP. Its future interests in the property will be through its unit holding in MGP. The Fisher Trust will acquire a 25 percent interest in the property. The Fisher Trust is an associate of MGP through its joint venture with MGP in Highbrook. The transactions will result in MGP growing its property portfolio. The consequential benefits which have accrued from previous transactions by MGQ and MGP that were approved under the Overseas Investment legislation are likely to continue with the addition of the proposed investment. The proposal is likely to have flow on benefits for the commercial property development and construction industry. |
| Contact | Ed Crook Russell McVeagh PO Box 8 AUCKLAND |