| Decision number | 200620039 |
|---|---|
| Application number | 200620042 |
| Date | 15 September 2006 |
| Offeror/applicant | AMP Capital Investors Limited as responsible entity for the AMP Shopping Centre Fund |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Tower Property Nominees Limited as trustee for the Tower Property Fund 100 percent - New Zealand, New Zealand Public |
| Business activities | Property & Business Services - Property |
| Details of land involved | None |
| Regions involved | Bay of Plenty/Coromandel |
| Total consideration | $121,500,000 |
| Consent sought | To acquire a 50% interest in the Bayfair Shopping Centre, Mt Maunganui, Tauranga. |
| Rationale | 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. The AMP Shopping Centre Fund (ASCF) has entered into a competitive tender process in relation to acquiring a 50 percent interest in the Bayfair Shopping Centre and adjoining development/expansion properties situated at Mount Maunganui, Tauranga from Tower Property Nominees Limited. The proposed acquisition will be ASCF's first New Zealand acquisition providing ASCF an opportunity to geographically diversify its property portfolio. |
| Contact | Ed Crook/Edward Dunphy Russell McVeagh P O Box 8 AUCKLAND |