| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 February 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Skycity Cinema Holdings Limited which owns or controls a leasehold interest in 0.3486 hectares of land at 291 Queen Street, Auckland. |
| Consideration | $61,100,000 |
| Applicant | Amalgamated Holdings Limited Australia (100.0%) |
| Vendor | SkyCity Metro Limited New Zealand (69.27%) Australia (30.73%) |
| Background | The Applicant has agreed to purchase the SKYCITY cinemas business, which has an interest in sensitive land in Queen Street, Auckland. The cinema division of the Applicant's group is currently the largest cinema exhibitor in Australia and Germany. The Applicant intends to maintain and develop the Queen Street property as a multi screen cinema complex. The Investment will benefit New Zealand by introducing new technology and business skills into New Zealand. The Applicant is a key person in the cinema industry, and declining consent would likely adversely affect New Zealand's image overseas. The Applicant's group has a history of successful previous investment in New Zealand through the Rydges hotel chain. 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 | Andrew Matthews Simpson Grierson (Auckland) Private Bag 92518 Wellesley Street AUCKLAND |