Overseas investment decision for case 201120057 - Lend Lease Group entities

An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 3.3610 hectares of land at 24 Main Road Tawa, Wellington.

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 assets acquired from Lend Lease Investments Pty Limited including the sensitive land).

The overseas investment will allow Lend Lease Group to continue its involvement in the assets (which were acquired in 2010 being a portfolio of four shopping centres in New Zealand (known as Dress Smart Tawa, Median Mall, Dress Smart Hornby and Dress Smart Onehunga) in order to maximise returns and provide greater access to capital in order to better operate and develop those assets. The Applicant will utilise Lend Lease Group’s retail skills, resources and experience to assist in the ongoing investment and management of the assets.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 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
17(2)(a)(iv) – Added market competition/productivity

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(g) – Enhance the viability of other investments