| Decision number | 200620072 |
|---|---|
| Application number | 200620090 |
| Date | 24 November 2006 |
| Offeror/applicant | Macquarie Goodman Holdings (NZ) Limited/Macquarie Goodman Nominee (NZ) Limited |
| Ultimate applicant beneficial ownership | 47.035 percent - Australia, Australian Public 38.605 percent - New Zealand, New Zealand Public 14.36 percent - Various, Various overseas persons |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 61.395 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Ford Motor Company of New Zealand Limited 100 percent - United States of America, Ford Motor Company |
| Business activities | Property & Business Services - Property |
| Details of land involved | 6.3316 hectares of freehold situated at 70 Plunket Ave, Manukau, Auckland being CT NA125C/689 (North Auckland Registry). |
| Regions involved | South Auckland |
| Total consideration | $28,960,000 |
| Consent sought | To acquire 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. |
| 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 Applicant proposes to acquire the subject property which is consistent with Macquarie Goodman's strategy of owning well-located, good quality industrial property. The proposed acquisition of the subject land and the land situated at 100 Plunket Avenue, Manukau (refer A200620077) will consolidate Macquarie Goodman's land holding in Plunket Avenue, Wiri as the land adjoins an existing Macquarie Goodman asset, the Auckland Distribution Centre. The acquisition of the property will enable an extension to the Auckland Distribution Centre to be constructed. The proposal is likely to result in the following benefits:
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| Contact | Matthew Carroll Chapman Tripp P O Box 2206 AUCKLAND |