| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 26 October 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in a further 30.0% of the shares of Babcock Fitzroy Limited which owns or controls a leasehold interest in 2.1100 hectares of land at Calliope Road and Queens Parade, North Shore, Auckland. |
| Consideration | CONFIDENTIAL |
| Applicant | Babcock International Group PLC United Kingdom Public (66.75%) United States Public (15.62%) Various overseas persons (9.02%) Unknown (8.61%) |
| Vendor | Fitzroy Yachts Limited Peter Clayton White-Robinson, New Zealand (100.0%) |
| Background | In July 2010 the Applicant acquired 70% of the shares in Babcock Fitzroy Limited ("BFL"), which has a direct leasehold interest in certain land situated at the HMNZ Naval Base at Devonport, Auckland. The Applicant seeks consent to acquire the remaining 30% ownership of BFL. The Applicant considers this is a good opportunity to simplify the ownership structure of BFL and consolidate the Applicant's investments in New Zealand. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Chris Bargery Russell McVeagh (Auckland) PO Box 8 AUCKLAND |