| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 October 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Arden Properties Limited which owns or controls a freehold interest in 231.3880 hectares of land at Craggy Range, Havelock North, Hawkes Bay. |
| Consideration | $3,100,000 |
| Applicant | RBC Trustees (CI) Limited Canada (100.0%) |
| Vendor | The Murrayfield Trust New Zealand (100.0%) |
| Background | One of the trustees of the Vendor is Jonathan McHardy, a member of the Applicant’s pension plan. In 2007, the Applicant advanced funds to the Vendor to purchase the land at Craggy Range, using Arden Properties Limited as the investment vehicle. The Applicant holds a mortgage over the property. The Applicant is acquiring the shares in Arden Properties Limited solely as trustee of the pension plan of which Jonathan McHardy is a beneficiary. The Investment will cease when the shares of Arden Properties Limited are transferred to Mr McHardy once he reaches retirement age or leaves his employment. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Regulations 2005 |
| More information | Andrew Petersen Bell Gully PO Box 4199 AUCKLAND 1140 |