| Decision | Consent granted retrospectively Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 1 September 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 27.19% of the units of Torchlight Fund No. 1 LP which owns or controls:
|
| Consideration | $40,800,000 |
| Applicant | The applicant is an investor in Torchlight Fund No. 1 LP. Releasing its identity would be contrary to section 115(2) of the Limited Partnership Act 2008, and accordingly its identity is withheld under section 18(c)(1) of the Official Information Act 1982. |
| Vendor | The vendor is an investor in Torchlight Fund No. 1 LP. Releasing its identity would be contrary to section 115(2) of the Limited Partnership Act 2008, and accordingly its identity is withheld under section 18(c)(1) of the Official Information Act 1982. |
| Background | The overseas investment transaction will provide additional capital for the ongoing residential developments at Maori Jacks Road, Jacks Point, Queenstown and Outlet & Aubrey Roads, East Wanaka. 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 | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |
| Retrospective penalty | $10,000.00 |