| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 20 July 2011 |
| 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, that property being the New Zealand residential mortgage portfolio of GE Custodians. |
| Consideration | CONFIDENTIAL |
| Applicant | Pepper Australia Pty Limited (Pepper) Seumas Dawes, Australia (69.1999%) IRG TMT Asia Fund, Cayman Islands (10.43%) Jonathan Laredo, United Kingdom (10.43%) Steven Simpson, Singapore (5.22%) Aladdin Capital Management UK LLP, United Kingdom (1.94%) Mark Attmore, United Kingdom (1.74%) Mike Culhane, Australia (1.04%) Australian Public (0.0001%) |
| Vendor | GE Custodians General Electric Company, United States of America (100.0%) |
| Background | The acquisition of GE Custodians’ residential mortgage portfolio will help grow Pepper's business in home lending and to expand its business operations into the New Zealand residential mortgage market. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Daniel Croft Russell McVeagh PO Box 10-214 WELLINGTON |