| Decision | Consent Decided Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 1 November 2013 |
| Investment | An overseas investment in significant business assets, being the acquisition of property in New Zealand, used in carrying on business in New Zealand (in a series of related or linked transactions) that property being security arrangements, for a total consideration exceeding $100M, by:
where the Applicant, as Trust Manager with the powers to control the appointment of the Trustees of both trusts, is an overseas person. |
| Consideration | Will exceed $100 million |
| Applicant | AMAL New Zealand Limited AMAL Asset Management Limited, Australia (100%) |
| Vendor | The Co-operative Bank Limited New Zealand Public (97.88%) Various overseas persons (2.12%) |
| Background | The Applicant (AMAL) is the trust manager of the PSIS Warehouse Trust which currently holds equitable interests in loans and mortgages (under $100 million) the legal interest in which remains held by The Co-operative Bank Limited. AMAL proposes establishing a second trust on similar terms. The Co-Operative Bank Limited proposes to increase the value of each of the trusts beyond the $100,000,000 threshold by transferring the equitable interest in additional loans and mortgages of each of the Trusts over time. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Chris O'Brien Minter Ellison Rudd Watts PO Box 2793 WELLINGTON |