Applicant
Kenmill Pty Limited
Case number(s)
200821666
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date28 April 2009
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • a leasehold interest in 0.5665 hectares of land at 30 Hunters Park Drive, Three Kings, Auckland; and
  • a freehold interest in 0.5665 hectares of land at 30 Hunters Park Drive, Three Kings, Auckland.
Consideration$17,538,775
Applicant

Kenmill Pty Limited
Australia (99.0%)
Various (1.0%)

Vendor

Valad Funds Management Limited
Australia (98.52%)
United Kingdom (except Isle of Man and the Channel Islands) (1.22%)
Various (0.26%)

Valad Property Trust
Australia (98.52%)
United Kingdom (except Isle of Man and the Channel Islands) (1.22%)
Various (0.26%)

Background

This Application involves an international transaction between two Australian parties (Kennards and Valad) restructuring a joint venture to enable Kennards to acquire all of the minority interests. The joint venture business operates self storage facilities using two entities - KVSI Holdings Trust (KHT) and KVSI Holdings Pty Limited (KHPL).

Kennards Storage Management Pty Limited, a related company will continue to manage the sensitive land and all the other storage facility sites owned by the Applicant on completion of the transaction.

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
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(g) – Enhance the viability of other investments

More information

Andrew Petersen
Bell Gully (Auckland)
PO Box 4199
AUCKLAND 1140

Elena Chang
Bell Gully (Auckland)
PO Box 4199
AUCKLAND 1140