Overseas investment decision for case 200710030 - Antipodean Supermarkets Limited

4.2838 hectares of freehold comprising:

1. 3.0955 hectares situated at Meadowbank Shopping Centre, Corner Gerard Way and St Johns Road, Meadowbank, 16-24 Anzac Road, Browns Bay, and 2-10 and 12-16 Barrys Point Road, Takapuna, Auckland being CTs NA114C/226, NA1620/37, NA52D/553 and NA73601 (North Auckland Registry); and
2. 1.1883 hectares situated at 9 Browne Street, Timaru being CT CB41D/215 (Canterbury Registry).

To acquire property used for the carrying on of business in New Zealand including:

1. an interest in land which, either alone or together with any associated land, exceeds 0.2 hectares and adjoins the foreshore; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that exceeds 0.4 hectares that is an esplanade reserve, esplanade strip, recreation reserve, a road or a Māori reservation, that adjoins the sea or a lake; and
3. 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 Applicant has significant 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.

The Applicant has entered into an Agreement for Sale and Purchase and a Co-ownership Deed in respect of acquiring a half-share in a portfolio of 18 retail properties currently held by The Macquarie Countrywide (NZ) Trust. The property portfolio comprises supermarkets and supermarket-based shopping centres.

The Applicant views the investment as complementary to its existing New Zealand commercial property investments particularly in the New Zealand retail sector.

The proposal is likely to result in the following benefits:

1. increased productivity in New Zealand;
2. the introduction into New Zealand of additional investment for development purposes.