| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 March 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Versacold NZ Limited which owns or controls a leasehold interest in 1.9834 hectares of land at 1 Smarts Road, Hornby, Christchurch. |
| Asset Value | $57,000,000 |
| Applicant | AmeriCold Realty Trust United States Public (88.89%) Dutch Public (5.91%) Canadian Public (2.32%) Various overseas persons (1.55%) British Virgin Islands Public (1.33%) |
| Vendor | Eimskip Tango ehf Icelandic Public (49.7658%) United States Public (41.3119%) Dutch Public (4.7014%) Canadian Public (2.0923%) British Virgin Islands Public (0.7448%) Liechtenstein Public (0.6324%) United Kingdom Public (0.3724%) Bermuda Public (0.2107%) Cyprian Public (0.1683%) |
| Background | The Application is in respect of the acquisition by the Applicant of 100% of the shares in Versacold NZ Limited (VNZ), which leases Sensitive Land at 1 Smarts Road, Hornby, Christchurch (Land). As part of the transaction it is proposed that the Applicant will offer approximately 30% of its equity in an IPO planned for early 2010. The acquisition of VNZ will result in the Applicant becoming the largest owner and operator of temperature-controlled warehouses in the United States and in the world. The Applicant's significant scale allows it to offer its warehouse tenants a broad-based portfolio of strategically located temperature-controlled warehouses and related services, which enables warehouse tenants to optimize their supply chains and reduce costs. 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 | Craig Nelson Simpson Grierson Private Bag 92518 Wellesley Street AUCKLAND |