Overseas investment decision for case 200720016 - AMP Wholesale Office Fund

To acquire:

1. property being a 50% interest in Bowen House and a 100% interest in Novell House, Lambton Square and Telecom Networks House all located in Wellington; and
2. property being a 100% interest in Forsyth Barr Tower situated in Auckland.

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.

Background:
The Applicant, AMP Wholesale Office Fund (AWOF), has a strategy to invest in quality, well-let properties across the office sectors in Australia and New Zealand.

Outline of Proposed Acquisition:
Following the Acquisition, the Applicant will continue to operate the assets as an office building in a manner consistent with that in which the assets have been operated by the vendors.

Rationale of Proposed Acquisition:
The strategy of the Applicant is to hold and acquire a pool of sector-specific investment grade office assets. The aim is to achieve a return consistent with a conservative risk profile. Diversification is adopted as a management tool in order to mitigate risk across the investment process. The purchases of the assets are in line with the Applicant's acquisition strategy and will improve the geographic diversification of the Applicant's portfolio.