| Decision | Consent Granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 29 July 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, being the Applicant, together with its associates, having a 25% or more ownership or control interest in AMP NZ Office Trust’s new corporate entity AMP NZ Office Limited following the corporatisation and restructuring of the AMP NZ Office Trust. |
| Asset Value | $1,334,000,000 |
| Applicant | Haumi Development Auckland Limited as General Partner of the Haumi Development Limited Partnership and Haumi Company Limited as General Partner of the Haumi (NZ) Limited Partnership Abu Dhabi Investment Authority (100.0%) |
| Vendor | Existing Unitholders of AMP NZ Office Trust AMP NZ Office Trust, New Zealand (100.0%) |
| Background | AMP NZ Office Trust (APT) is a listed unit trust managed by AMP Haumi Management Limited (AHML). The trustee of APT is Perpetual Trust Limited. APT’s units are widely held by over 8,000 investors. Haumi Company Limited as General Partner of the Haumi (NZ) Limited Partnership owns approximately 19.9% of the units in APT. AHML is a joint venture company between AMP Capital Investors (New Zealand) Limited (AMPCI) and Haumi Development Auckland Limited as General Partner of Haumi Development Limited Partnership (HDLP). Each hold 50% of the ordinary shares of AHML. APT is proposing a new corporate structure and governance model which involves the conversion of APT to a company structure and the entry into a new management agreement between AMP NZ Office Limited and AHML. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Cathy Quinn Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |