Applicant
AAPC Properties Pty Limited
Case number(s)
201210014
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision date30 April 2012
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares in Mirvac Hotels Pty Limited which owns or controls an interest in:

  • approximately 0.6128 hectares of land at 85-89 Customs Street West in Auckland being the location of the Sebel Suites Hotel; and
  • approximately 0.5626 hectares of land at 8 Albert Street in Auckland being the location of the Quay West Suites Hotel.
Consideration$13,436,858
ApplicantAAPC Properties Pty Limited
Board members and founders of Accor SA, France (33.2%)
United States Public (25.8%)
French Public (19.07%)
Various overseas persons (16.0%)
United Kingdom Public (5.93%)
VendorMirvac Woolloomooloo Pty Limited
Mirvac Hotels Pty Limited, Australia (100.0%)
Background

The Applicant is expanding its presence in New Zealand hotel management. The acquisition will provide the Applicant with the ability to add rooms to be serviced by its existing infrastructure in order to create greater cost efficiencies.

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 Regulations 2005
28(a) – Consequential Benefits
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationLouise McCulloch
Russell McVeagh
PO Box 8
AUCKLAND