| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 September 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Great Northern Developments Limited, the value of the assets of Great Northern Developments Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | CONFIDENTIAL |
| Applicant | New Zealand Breweries Limited Japanese Public (78.45%) United States Public (9.38%) Various overseas persons (5.95%) United Kingdom Public (5.17%) Australian Public (1.05%) |
| Vendor | Existing shareholders of Great Northern Developments Limited Abu Dhabi Investment Authority (50.0%) New Zealand Public (36.4592%) Australian Public (13.5408%) |
| Background | In 2007, the Applicant agreed to sell, and APEREF II Limited (AMP Private Equity Real Estate Fund II Limited) agreed to purchase the Lion Nathan Brewery site located on Khyber Pass Road, Newmarket, Auckland. APEREF II nominated Great Northern Developments Limited (GND) to complete the acquisition. The Applicant has entered into an agreement which will result in the Applicant acquiring the shares in GND. It is proposed that GND (under the Applicant's ownership) will continue with the proposal to re-develop the property. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Hoare Russell McVeagh (Auckland) PO Box 8 AUCKLAND |