| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 June 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1.4313 hectares of land located at 34-38 Bowen Street, Wellington. |
| Consideration | $50,400,000 |
| Applicant | AMP NZ Office Bowen Campus Limited New Zealand Public (72.0%) United Arab Emirates Public (19.63%) Various overseas persons (8.37%) |
| Vendor | Capital Properties (Wellington) Limited AMP Capital Property Portfolio, New Zealand (100.0%) |
| Background | The Applicant considers the land to be a strategic site in the heart of Wellington's Government precinct. The Applicant will initially continue to lease the buildings on the land. The Applicant also intends to carry out a refurbishment or redevelopment of the buildings. 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 Overseas Investment Regulations 2005 |
| More information | Scott Pritchard CEO AMP NZ Office Limited PO Box 5436 Wellesley Street Auckland 1141 |