Overseas investment decision for case 201210016 - Carriage New Zealand Limited, Carriage Holdings New Zealand Limited, Next Capital Fund IIA, Next Capital Fund IIB & Next Capital Pty Limited

An overseas investment in sensitive land, being Carriage New Zealand Limited’s (one of the entities comprising the Applicant) acquisition of rights or interests in 100.0% of the shares of Go-Bus Holdings Limited which owns or controls:

• a leasehold interest in 0.5001 hectares of land at 317 and 323 Lincoln Road, Christchurch; and
• a leasehold interest in 0.3347 hectares of land at 17/19 Bernard Street, Christchurch.

The Applicants intend to provide additional capital sufficient to support the expansion of Go-Bus Holdings Limited’s bus services within existing and new regions of 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 of jobs
17(2)(a)(iv) – Added market competition/greater efficiency or productivity

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Advance significant government policy or strategy