| Decision | Consent Granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 December 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 where the total value of the consideration provided exceeds $100m, that property being the LynnMall Shopping Centre, New Lynn, Auckland. |
| Consideration | $174,000,000 plus GST (if any). |
| Applicant | Kiwi Income Properties Limited as manager for Kiwi Income Property Trust Commonwealth Bank of Australia, Australia (100.0%) |
| Vendor | AMP Capital Property Portfolio Limited New Zealand Public (65.04%) Australian Public (34.96%) |
| Background | The acquisition of the Property by the Kiwi Income Property Trust is consistent with the Trust's objectives to provide attractive long term sustainable property-based returns to investors, among other things, the acquisition of retail property assets as part of a high quality diversified property portfolio spread throughout New Zealand. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Butler Russell McVeagh PO Box 8 AUCKLAND |