| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 November 2012 |
| Investment | An overseas investment in significant business assets, being the acquisition of property in New Zealand used in carrying on business in New Zealand by Pepper NZ Residential Securities Trust 2012-1 for consideration exceeding $100m, that property being a residential mortgage portfolio and the repurchase, from time to time, of mortgage assets by the Pepper NZ Mortgage Warehouse Trust 2011-1 in the event of a repurchase transaction. |
| Consideration | $202,000,000 |
| Applicant | Pepper Australia Pty Limited (as ultimate beneficiary of the Pepper NZ Residential Securities Trust 2012-1) Seumas Dawes, Australia (67.8685%) IRG TMT Asia Fund, Cayman Islands (10.1904%) Jonathan Laredo, United Kingdom (10.1904%) Steven Simpson, Singapore (5.0952%) Deutsche Bank AG, Sydney Branch, Australia (3.5%) Mark Attmore, United Kingdom (1.9204%) Various overseas persons (1.2352%) |
| Vendor | Pepper Australia Pty Limited (as ultimate beneficiary of the Pepper NZ Mortgage Warehouse Trust 2011-1) Seumas Dawes, Australia (67.8685%) IRG TMT Asia Fund, Cayman Islands (10.1904%) Jonathan Laredo, United Kingdom (10.1904%) Steven Simpson, Singapore (5.0952%) Deutsche Bank AG, Sydney Branch, Australia (3.5%) Mark Attmore, United Kingdom (1.9204%) Various overseas persons (1.2352%) |
| Background | The Investment is a refinancing of a residential mortgage portfolio. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Deemple Budhia Russell McVeagh PO Box 8 AUCKLAND 1140 |