| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 July 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of EVENZ Limited which owns or controls a leasehold interest in approximately 2.3129 hectares of land at 42-80 Mahuhu Crescent, Auckland. |
| Consideration | Withheld under s9(2)(a) and s(9)(2)(b)(ii) of the Official Information Act |
| Applicant | Live Nation NZ Limited and MHC Investments Limited |
| Vendor | Stuart Michael Clumpas |
| Background | MHC Investments Limited is ultimately owned by Michael and Michelle Coppel. Michael Coppel is a prominent Australasian concert promoter. Live Nation NZ Limited is (indirectly) 70% owned by Live Nation Entertainment, Inc, one of the largest producers of live music concerts in the world (listed on the New York Stock Exchange under ‘LYV’). The remaining 30% of Live Nation NZ Limited is owned by MHC Investments Limited. EVENZ Limited owns NZ Venue & Event Management Limited, the sole beneficiary of the QPAM Trust which owns and operates Vector Arena. Vector Arena is a 12,000 seat arena for sports and entertainment in Auckland. Vector Arena was constructed and is operated under a development agreement with Regional Facilities Auckland. Vector Arena must be transferred back to Auckland Council after 40 years. The Applicants are acquiring Vector Arena as part of an Australasian expansion strategy and plan to leverage their position in the live music industry to increase the frequency and scale of shows at Vector Arena. The Applicants consider that owning Vector Arena will make bringing previously marginal/uneconomic shows to New Zealand possible.
Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Pip England Chapman Tripp PO Box 2206 AUCKLAND 1140 |