| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 7 October 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 3.7974 hectares of land at 31 Rewa Rewa Rd, Whangarei. |
| Consideration | $1,575,000 |
| Applicant | Fletcher Concrete and Infrastructure Limited New Zealand (66.11%) Australia (33.56%) Various (0.33%) |
| Vendor | Stevenson Properties Limited New Zealand (100.0%) |
| Background | In March 2009, the Vendor sold its Northland masonry business assets (including the two plants at Drury and on the Land) to the Applicant. As a term of the sale, the Vendor agreed to lease to the Applicant part of the Land. The lease included a right for the Applicant to be able to extend the lease to include all of the Land subject to obtaining Overseas Investment Office consent. The Applicant proposes to exercise the right under the lease to extend the leased area to include all of the Land. This will enable the Applicant to retain the existing layout of the plant and buildings and improve site safety and efficiency by being able to separate heavy and light vehicle traffic. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Greg Allen Simpson Grierson (Auckland) Private Bag 92518 Wellesley Street AUCKLAND |