Overseas investment decision for case 200810033 - Valad Funds Management (NZ) Pty Limited

100 percent - Australia

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Background to the Investment:
The land currently comprises bare land in pasture which the vendor has granted a lease to Northland Port Corporation (NZ) Limited (North Port). The land is currently farmed by a sharemilker pursuant to an arrangement with North Port.

The Investment:
The Applicant intends to subdivide and develop the land, which is currently zoned Business 4 and Marsden Point Zone under the Whangarei District Operative Plan as an industrial park. The Marsden Point Zone is an area which includes land owned by North Port at Marsden Point and is generally used to accommodate the mainly industrial activities

The proposed overseas investment is or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors:

Overseas Investment Act 2005:
s17(2)(a)(i) – Creation/retention of jobs;
s17(2)(a)(v) – Additional investment for development purposes;
s17(2)(d) - Historic Heritage;

Overseas Investment Regulations 2005
r28(c) - Adversely affect image, trade, or international relations;
r28(e) - Previous investments.