Overseas investment decision for case 200720037 - Brookfield Asset Management Inc

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 principal business activities of the Multiplex Group involve the development, management and construction of commercial and retail properties throughout Australia, New Zealand, the United Kingdom and the Middle East. In respect of its New Zealand operations, Multiplex has 17 wholly-owned subsidiaries which conduct various funds management, property development and facilities management activities in New Zealand. The proposed transaction will involve Brookfield acquiring an indirect ownership and/or control of sensitive land in New Zealand. Brookfield sees the acquisition of Multiplex as an integral part of its international growth strategy. Brookfield currently has no presence in the Australasian or Middle Eastern markets.
The investment is likely to result in the continued creation of new job opportunities and introduction into New Zealand of additional investment for development purposes. As the transaction is small part of a wider acquisition taking place in an overseas jurisdiction, refusal of the application will likely adversely affect New Zealand's image overseas.