| Decision | Consent Granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 29 July 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, being the Applicant, together with its associates, having a 25% or more ownership or control interest in AMP NZ Office Trust’s new corporate entity AMP NZ Office Limited following the corporatisation and restructuring of the AMP NZ Office Trust. |
| Asset Value | $1,334,000,000 |
| Applicant | AMP Capital Investors (New Zealand) Limited AMP Capital Holdings Limited, Australia (100.0%) |
| Vendor | Existing Unitholders of AMP NZ Office Trust AMP NZ Office Trust, New Zealand (100.0%) |
| Background | AMP NZ Office Trust (APT) is a listed unit trust managed by AMP Haumi Management Limited (AHML). The trustee of APT is Perpetual Trust Limited. APT’s units are widely held by over 8,000 investors. APT is New Zealand’s largest listed investor in commercial office property with a portfolio comprising 15 predominantly prime and A-grade office buildings. APT is proposing a new corporate structure and governance model which involves the conversion of APT to a company structure and the entry into a new management agreement between AMP NZ Office Limited and AHML. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Carolyn Hintz Bell Gully (Wellington) PO Box 1291 WELLINGTON |