| Decision | Consent granted retrospectively Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 May 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the ordinary shares of APEREF II Limited which owns or controls:
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the ordinary shares of APEREF II Limited, the value of the assets of APEREF II Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | CONFIDENTIAL |
| Applicant | AMP Investments New Zealand Property Fund The Applicant is part of the AMP Capital Investment Funds, a unit trust under the Unit Trusts Act 1960. The Applicant is a shareholder in APEREF II Limited. APEREF II Limited is a wholesale fund managed by AMP Capital Investors Limited and is an overseas person. APEREF II Limited provides investors with the opportunity to participate in property development and trading investment in New Zealand in the commercial, industrial, residential, retail and retirement villages markets. |
| Vendor | Existing Shareholders of APEREFF II LIMITED other than AMP Investments New Zealand Property Fund Australian Public (55.1393%) AMP Superannuation Investment Trust, New Zealand (37.0926%) New Zealand Public (5.4533%) John O'Sullivan, New Zealand (2.3148%) |
| Background | The Applicant acquired further shares in APEREF II Limited (and therefore increased its existing 25% or more ownership or control interest in APEREF II Limited) on nine occasions between 6 July 2007 and 2 May 2008. APEREF II Limited has interests in the securities of Waikanae North Limited and Warkworth Properties 2008 Limited which own sensitive land at Waikanae and Warkworth. APEREF II Limited also has a 50% interest in the securities of Great Northern Developments Limited, the value of the assets of which exceeds $100 million. The Applicant invests in APEREF II Limited to gain exposure to APEREF II Limited's diverse portfolio of property-related assets. The investment will complement the Applicant's, and the related entities of the Applicant’s, existing investments and enhance returns to investors. These existing investments include commercial property and residential subdivisions. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 Act 2005 Overseas Investment Regulations 2005 |
| More information | Jocelyn Martin Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |
| Retrospective penalty | $10,000.00 |