| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 8 April 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 3.3610 hectares of land at 24 Main Road, Tawa, Wellington. 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, that property being the acquisition of the assets of ING Retail Property Fund Australia, including sensitive land. |
| Consideration | $185,130,000 |
| Applicant | Lend Lease Corporation Limited Australian Public (77.00%) United States Public (8.85%) United Kingdom Public (7.31%) Various overseas persons (6.84%) |
| Vendor | Armstrong Jones Management Pty Limited acting as trustee of the ING NZ Retail Fund ING Real Estate International Investment II BV, Netherlands (30.0%) Prudential Properties Trust Pty Limited as trustee for Prudential Australia Property Trust, Australia (20.0%) GIC Real Estate, Singapore (20.0%) ABP Investments, Netherlands (20.0%) SBA Artsenpensioenfondsen, Netherlands (10.0%) |
| Background | The Applicant was recently selected as the preferred bidder to acquire the assets of the ING Retail Property Fund Australia. The acquisition will include four assets in New Zealand being Dress Smart Tawa, Meridian Mall Dunedin, Dress Smart Hornby and Dress Smart Onehunga. The acquisition is part of the wider acquisition of all of the assets of the ING Retail Property Fund Australia and is consistent with the Applicant's desire to expand its global portfolio of commercial hopping centres and invest in quality, well performing assets. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 | David Butler Natalie Steur |