Applicant
Calculator Australia Pty Limited
Case number(s)
201120080
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision date22 February 2012
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% shares of Abacus Storage Fund & Abacus Property Group “Merged Entity” which owns or controls:

  • a freehold interest in 0.9011 hectares of land at 980 Ferry Road, Christchurch; and
  • a freehold interest in 0.6177 hectares of land at the corner of Portage Road & Clark Street, New Lynn.
Consideration$87,029,114
ApplicantCalculator Australia Pty Limited
Nathan Kirsh, South Africa (100.0%)
VendorAbacus Storage Fund & Abacus Property Group
Australian Public 99%, New Zealand Public 0.2%, Various Public 0.8%
Background

Abacus Storage Fund ("ASF") intends to merge with Abacus Property Group (“APG”). ASF operates a self storage business under the Storage King brand in Australia and New Zealand. The proposed transaction will enable ASF to review future opportunities for further investment which could include investment 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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations

More informationDavid J Quigg
Quigg Partners
PO Box 3035
WELLINGTON 6140