| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 3 March 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Recall Holdings Limited, which indirectly owns or controls a leasehold interest in 3.556 hectares of land at 68 Jamaica Drive, Grenada, Wellington, through its wholly owned subsidiary, Recall New Zealand Limited. |
| Consideration | $21,953,000 |
| Applicant | Iron Mountain Acquisition Holdings Pty Limited United States Public (92.7%) Various overseas persons (2.7%) United Kingdom Public (2.3%) Japanese Public (1.2%) Norway Public (1.1%) |
| Vendor | Existing shareholders of Recall Holdings Limited Australian Public (99.28%) United Kingdom Public (0.39%) New Zealand Public (0.19%) Various overseas persons (0.08%) United States Public (0.06%) |
| Background | Iron Mountain views the Investment as an attractive opportunity to expand its global operations and customer base. It envisages that, through its acquisition of Recall, it will gain a more established footprint in growing economies in South-East Asia and South America. The overseas investment transaction has satisfied the criteria in section 16 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 Overseas Investment Regulations 2005 |
| More information | Peter Stansfield Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |