| Decision number | 200720012 |
|---|---|
| Application number | 200710107 |
| Date | 8 August 2007 |
| Offeror/applicant | Valad Commercial Management Limited as responsible entity of the Valad Property Trust of Australia |
| Ultimate applicant beneficial ownership | 100 percent - Australia |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Carter Holt Harvey Limited & Carter Holt Harvey Properties Limited 100 percent - New Zealand, Hart (Graeme Richard) |
| Business activities | Property & Business Services - Property |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | $173,250,000 |
| Consent sought | To acquire acquiring twenty-three properties from Carter Holt Harvey Limited & Carter Holt Harvey Properties 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. The Applicant proposes to acquire 23 properties in New Zealand, from Carter Holt Harvey Limited (CHH) and Carter Holt Harvey Properties Limited (CHH Properties), comprising 14 Carters depot properties, 5 packaging plants, 2 office buildings and 2 vacant lots used for car parking. It is proposed that CHH or CHH Properties will lease back the properties from the Applicant. The acquisition of the properties will provide increased diversification to VPG's property portfolio and provide an opportunity to foster an ongoing corporate relationship between VPG and CHH in New Zealand and Australia. |
| Contact | Jodie Masson/Carrie Follas DLA Phillips Fox 201 Elizabeth Street, Sydney, NSW 2000 AUSTRALIA |