| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 3 December 2019 |
| Pathway(s) | Significant business assets Sensitive land – benefit to New Zealand |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 40.0% of SecureFuture Wiri Holdings Limited, the value of the assets of SecureFuture Wiri Holdings Limited and its 25% or more subsidiaries being greater than $100m; and An overseas investment in sensitive land, being the Applicant's acquisition of a 40.0% share in SecureFuture Wiri Holdings Limited, which has a leasehold interest in 20.1529 hectares of land at Wiri, South Auckland. |
| Consideration | $49,500,000 |
| Applicant | AMP Capital Funds Management Limited Australian Public (85.0%) Various (15.0%) |
| Vendor | InfraRed Infrastructure (NZ) B.V Hong Kong Public (35.1251%) United Kingdom Public (25.5232%) Swiss Public (8.412%) Canadian Public (8.2068%) South Korean Public (6.5654%) Swedish Public (6.1551%) Various (10.0124%) |
| Background | The Applicant intends to acquire up to 40% of the shares in the company operating the Kohuora Auckland South Corrections Facility (the Prison). The Prison is operated as a Public Private Partnership (PPP) with the Department of Corrections. The Vendor helped construct the Prison and now wishes to reinvest its funds elsewhere. The Applicant is a secondary investor, who has entered into the PPP at the management and oversight phase of the project. The PPP requires the operating company to deliver operational services at the Prison for a 25 year term, after which the responsibility for operating the Prison (and the associated lease) reverts to the Crown. Allowing the Applicant to enter into the investment as a secondary investor is likely to promote the Government’s PPP strategy including secondary sell-down transactions. It is also likely to be in New Zealand’s economic interest to have the PPP model working in a way that encourages additional investment. The Applicant has also been vetted by the Department of Corrections. |
| More information | John Conlan Minter Ellison Rudd Watts PO Box 2793 Wellington |