| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 7 September 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1.4699 hectares of land at 621 Rosebank Road, Auckland. |
| Consideration | $5,175,000 |
| Applicant | 621 Rosebank Road Property Limited Blum Foundation, Austria (48.0%) Herbert Blum, Austria (26.0%) Gerhard Blum, Austria (26.0%) |
| Vendor | Smith & Nephew Limited Smith & Nephew plc, United Kingdom (except Isle of Man and the Channel Islands)(100.0%) |
| Background | The Applicant is part of the Blum Group of companies based in Austria, which is a leading global supplier of hinge, lift and pull-out systems for furniture producers, especially for kitchen furniture. The Applicant intends to acquire the land to secure and develop suitable premises for Blum's Auckland operations. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Tim Barclay Anthony Harper PO Box 2646 CHRISTCHURCH 8140 |