| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 24 April 2018 |
| 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 for consideration exceeding $100m, that property being freehold land located at 195 Lambton Quay, Wellington. |
| Consideration | $102,515,000 |
| Applicant | Lambton Quay Real Estate Netherlands B.V. Swiss Public (99.0%) Other Investors, Various (1.0%) |
| Vendor | Lambton Quay Properties Nominee Limited New Zealand (100%) |
| Background | The Applicant is ultimately a wholly owned subsidiary of Credit Suisse AG (which is part of the Credit Suisse group of companies). The freehold land being acquired is the site of a commercial building (the HSBC Tower) which will continue to be operated for commercial purposes. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Amanda Spratt Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |