| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 4 September 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of the property (non-sensitive land) at 155-167 Fanshawe Street, Wynyard Quarter, Auckland. |
| Consideration | $237,118,535 |
| Applicant | CC Neikea Trust Pte. Ltd Canadian Public (44.73%) United States Public (22%) Switzerland Public (18.11%) Azerbaijan Public (11%) Australian Public (3%) Various Public, Various (1.16%) |
| Vendor | Mansons Wynyard Limited Mac Manson Trust, New Zealand (25%) Luke Manson Trust, New Zealand (25%) ECM Trust, New Zealand (25%) Culum Manson Trust, New Zealand (25%) |
| Background | The Applicant is a company registered in Singapore, and is beneficially owned by two overseas limited partnerships which are investment funds managed by the PAG Group. The PAG group manages a series of real estate funds investing in properties throughout Asia-Pacific. The Investment involves the Applicant’s acquisition of non-sensitive land, where the Vendor will construct and develop a commercial building for offices and retail spaces for the Applicant, negotiate leases with tenants, and transfer the leases to the Applicant on the settlement date. The Vendor is a New Zealand owned property developer specialising in constructing, leasing and selling primarily commercial buildings. 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 | Andrew Petersen Bell Gully PO Box 4199 Auckland 1140 |