Overseas investment decision for case 201620038 - Fletcher Steel Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision Date	7 December 2016
Investment	An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold and leasehold interest in approximately 1.2340 hectares of land at 968 Great South Road, Mount Wellington, Auckland.
Consideration	Withheld under s(9)(2)(b)(ii) of the Official Information Act
Applicant	Fletcher Steel Limited Various overseas persons (34.96%) New Zealand Public (27.54%) Australian Public (19.21%) North American Public (18.29%)
Vendor	Great South Rd Equities Limited New Zealand (100%)
Background	The Applicant has been granted consent to acquire a freehold and leasehold interest in approximately 1.2340 hectares of land in order to secure a longer tenure that will better ensure the long-term security of its steel manufacturing plant operating on the land and give the Applicant the confidence to make more capital expenditure into the business operations. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The criterion of benefit to New Zealand was satisfied with reference to the following factors: Overseas Investment Regulations 2005 28(e) – Previous investments 28(g) – Enhance the viability of other investments 28(j) – Oversight and participation by New Zealanders
More information	Gregory Allen Simpson Grierson Private Bag 92518 Auckland