Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
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Decision date | 30 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:
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Consideration | $13,436,858 |
Applicant | AAPC 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%) |
Vendor | Mirvac 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 |
More information | Louise McCulloch Russell McVeagh PO Box 8 AUCKLAND |