| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 15 March 2016 |
| 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 (the “Properties”) for consideration exceeding $100 million, the Properties being at 33 Bowen Street, 110 Featherston Street and 13-27 Manners Street, Wellington. |
| Consideration | Approximately $114,000,000, subject to adjustment in accordance with the sale documentation |
| Applicant | Vinta Investments (NZ) Limited and Vinta Property Investment Nominees No. 1 Limited Australian Public (100%) |
| Vendor | Talavera Property Group Limited Talavera Property Pty Limited, Australia (100.0%) |
| Background | The Applicants are in the business of property investment and wish to enter the business of funds management. The Properties are being transferred into a newly established unit fund; the consideration for the Properties will be financed in part through the raising of funds from qualifying wholesale investors. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Mark Forman Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |