| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 February 2013 |
| Investment | 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 loans, mortgages, other related securities and other financial assets secured by first ranking mortgages over land situated in New Zealand. |
| Asset Value | TBA |
| Applicant | Westpac NZ Securitisation Holdings Limited Westpac NZ Securitisation Trust, New Zealand (81.0%) Australian Public (10.5222%) HSBC Custody Nominees (Australia) Limited, Australia (2.869%) JP Morgan Nominees Australia Limited, Australia (2.3313%) National Nominees Limited, Australia (2.0235%) Citicorp Nominees Pty Limited, Australia (0.874%) Various overseas persons (0.38%) |
| Vendor | Westpac New Zealand Limited Australian Public (55.38%) HSBC Custody Nominees (Australia) Limited, Australia (15.1%) JP Morgan Nominees Australia Limited, Australia (12.27%) National Nominees Limited, Australia (10.65%) Citicorp Nominees Pty Limited, Australia (4.6%) Various overseas persons (2.0%) |
| Background | The investment will provide cheaper and more diverse funding to Westpac New Zealand Limited. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Mei Nah Mayne Wetherell PO Box 3797 Shortland Street AUCKLAND |