| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 5 November 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.9997 hectares of land at Fernlea Avenue & Roberts Line, Palmerston North. |
| Consideration | $2,812,500 |
| Applicant | General Distributors Limited Australia (98.98%) New Zealand (0.78%) Various (0.24%) |
| Vendor | Palmerston North Industrial & Residential Developments Limited New Zealand (100.0%) |
| Background | The Applicant is the property owning entity for Progressive Enterprises Limited (Progressive) which through its subsidiaries operates supermarkets under the Woolworths, Foodtown, and Countdown supermarket brands. The Applicant proposes to acquire the land to develop a supermarket. The proposed development of the new Countdown supermarket is part of the Applicant's strategy to grow its business in New Zealand. 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 | Jane Morea Progressive Enterprises Limited Private Bag 93306 Otahuhu Manukau 1640 |