Applicant
Goodman Property Trust
Case number(s)
201220026
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(c) Overseas Investment Act 2005
Decision date18 November 2012
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the issued share capital of Highbrook Development Limited and Highbrook Business Park Limited which own or control:

  • a freehold interest in 0.7450 hectares of land at 201 Highbrook Drive; and
  • a freehold interest in 4.2582 hectares of land at 52 Highbrook Drive and 107 Kerwyn Ave; and
  • a freehold interest in 32.0025 hectares of land at 80 and 88 Highbrook Drive, 30 Sir Woolf Fisher Drive, 118 Kerwyn Ave, 12 Pukekiwiriki Place and two other locations; and
  • a freehold interest in 49.0146 hectares of land at 67 Highbrook Drive and 17 Business Parade North; and
  • a freehold interest in 2.1949 hectares of land at 8 Pukekiwiriki Place and 116 Kerwyn Ave; and
  • a freehold interest in 2.7237 hectares of land at 36 Highbrook Drive and 111 Kerwyn Ave.

An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being the remaining 50% of the issued share capital of Highbrook Development Limited that it does not yet own, and the remaining 25% of the issued share capital of Highbrook Business Park Limited that it does not yet own.

Consideration$186,600,000
ApplicantGoodman Property Trust
New Zealand Public (66.9%)
Australian Public (13.244%)
Various overseas persons (10.2644%)
Accident Compensation Corporation (6.1%)
Chinese Government, China, People's Republic of (2.5628%)
APG Asset Management, United States of America (0.5504%)
Abu Dhabi Investment Council, United Arab Emirates (0.3784%)
VendorGoodman Group and Fisher Trust
Fisher Trust, New Zealand (50.0%)
Australian Public (38.5%)
Chinese Government, China, People's Republic of (7.45%)
APG Asset Management, United States of America (1.6%)
Various overseas persons (1.35%)
Abu Dhabi Investment Council, United Arab Emirates (1.1%)
Background

The Highbrook Business Park is presently around half developed. The Investment will ensure that construction of the business park can continue, as the development requires the further provision of substantial amounts of capital.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 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)(iv) – Added market competition/domestic services
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(j) – Mitigating factor

More informationEd Crook
Russell McVeagh
PO Box 8
AUCKLAND