Applicant
CP Auckland LP
Case number(s)
201720126
Decision date
Type
Decision

Decision

 

Consent Granted
Section 13(1)(c) Overseas Investment Act 2005

Decision Maker

Overseas Investment Office

Decision Date

30 May 2018

Investment

An overseas investment in significant business assets, being the Applicant’s acquisition of a freehold interest in approximately 6.2272 hectares of non-sensitive land comprising Central Park, located at 666 Great South Road, Greenlane, Auckland 1051, together with improvements thereon, with a consideration exceeding $100 million.

Consideration

$209,000,000

Applicant

CP Auckland LP
North American Public (42.87%)
Cayman Islands Public (31.1%)
Various Public, Various (15.2%)
Asian/Pacific Public (7.0%)
European Public (2.53%)
African Public (1.3%)

Vendor

Goodman Nominee (NZ) Limited
New Zealand Public (67.4%)
Australian Public (25.6%)
North American Public (5.5%)
Asian Public (0.8%)
European Public (0.7%)

Background

The Applicant is a New Zealand registered limited partnership formed to undertake the Investment for its partners, which include Oyster Nominee Limited (a company incorporated in New Zealand) and Ranger (NZ) Pte. Ltd (a company incorporated in Singapore).  

Oyster Nominee Limited is a member of the Oyster Property Group (“Oyster”). Oyster is a leading New Zealand Funds Manager providing professional property expertise to retail, office and industrial property owners and investors. 

Ranger (NZ) Pte. Ltd is an affiliate of KKR & Co. L.P. (together with its affiliates, “KKR”). KKR is a leading global investment firm that manages multiple asset classes.  Units of KKR, who has previously made several investments in New Zealand, are listed on the New York Stock Exchange.

The Land is currently home to 60 different tenants spreading across 11 office buildings and two standalone car park buildings.  These office buildings provide a total net lettable area of approximately 43,900 square metres of office space. 

The Vendor is a New Zealand holding company for its parent Goodman Property Trust, which is a large investment entity listed on the New Zealand Stock Exchange, with shares widely held by overseas persons.

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

Sam Greenwood
Thompson Blackie Biddles Limited
P O Box 1996
Auckland 1140