Overseas investment decision for case 200810022 - Woolworths Limited

13.7854 hectares of freehold comprising:

1. 2.8385 hectares situated at 42 Port Road, Whangarei being CT 113236 (North Auckland Registry);
2. 2.7157 hectares situated at 70-90, 98-100 Leven Street, Invercargill being CTs SL12A/547 and SL12A/548 (Southland Registry); and
3. 8.2312 hectares situated at 2-20 The Warehouse Way, Northcote, Auckland and 834 Great South Road, Manukau, Auckland being CTs NA109C/98, NA115C/163 and NA115C/164 (North Auckland Registry) and CT 259961 (South Auckland Registry).

76.8154 hectares of leasehold comprising:

1. 3.2684 hectares situated at Goldfields Shopping Centre, Queen Street, Thames and 41 Waharoa Road East, Matamata being CT SA66D/450 (South Auckland Registry) and CTs 111466, 111467, 111468, 111469, 111472 (South Auckland Registry);
2. 2.024 hectares situated at Mawhera Quay, Greymouth being CT WS8C/417 (West Coast Registry);
3. 10.0067 hectares situated at 39 Maclaggan Street, Dunedin and Remarkables Park, Hawthorne Drive, Queenstown being CTs OT18B/66, OT284/172, OT3C/169, OT5B/5, OT2C/697, OT284/173, OT17C/1175 (Otago Registry);
4. 2.2906 hectares situated at 23-35 St Vincent Street, Nelson being CT NL12C/473 (Nelson Registry);
5. 5.4382 hectares situated at 4 Kermode Street, Ashburton and Barrington Mall, 256 Barrington Street being CTs 83183, 272923, CB45B/693, CB45A/395, CB37D/172, CB45B/697, CB45B/696, CB45B/695, CB45B/694, CB45B/699, CB45B/698, CB45B/701, CB45B/700 (Canterbury Registry); and
6. 53.7875 hectares situated at 234-270 George Bolt Drive, Mangere, Auckland and Fernhill Drive, Westgate, Auckland being CTs NA1B/711, NA78D/195 and NA134D/250 (North Auckland Registry).

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

Rationale for the Investment:
Woolworths Limited (Woolworths) proposes to acquire 100 percent of the shares in The Warehouse Limited, a company whose principal business activities are general merchandise retailing (The Warehouse, under the Red Shed brand) and stationery retailing (Warehouse Stationery, under the Blue Shed brand) throughout New Zealand. More recently, The Warehouse has started retailing groceries. Woolworths views the acquisition as the most efficient, timely and sustainable means of entering general merchandise retailing in New Zealand.

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)(d) - Historic Heritage

Overseas Investment Regulations 2005
r28(b) - Key person in a key industry;
r28(c) - Adversely affect image, trade, or international relations; and
r28(e) Previous investments.