| Decision number | 200620074 |
|---|---|
| Application number | 200620100 |
| Date | 6 December 2006 |
| Offeror/applicant | CDL Hospitality Trusts |
| Ultimate applicant beneficial ownership | 95.77 percent - Singapore, Singapore Public 4.23 percent - Various, Unknown Overseas Persons |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Abacus Group Holdings Limited 100 percent - Australia, Australian Public |
| Business activities | Accommodation - Hotel/Motel/Lodge |
| Details of land involved | None. |
| Regions involved | Auckland |
| Total consideration | $113,000,000 |
| Consent sought | To acquire property being the Rendezvous Hotel, cnr Vincent Street and Mayoral Drive, Auckland. |
| 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 is a Singapore based publicly listed trust specialising in investing in property based assets in the hospitality sector and actively managing those assets to enhance income and capital growth. The Applicant proposes to acquire the Rendezvous Hotel located in Auckland as part of its strategy to diversify its property assets and acquire quality hotel and hospitality assets in Australasia and internationally. |
| Contact | Matt Yates Quigg Partners PO Box 3035 WELLINGTON 6140 |