| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 22 April 2020 |
| Pathway | Significant business assets |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition, via multiple transactions, of the Tauranga Crossing Retail Centre and Lifestyle Centre (circa 20ha plus buildings), located at 31 Taurikura Drive, Tauranga. |
| Consideration | $189,000,000 |
| Applicant | Oyster Property Holdings Limited on behalf of Tauranga Crossing Shopping Centre LP New Prime Hold Company Limited, New Zealand (50%) Australian Public (39.48%) Singapore Public (9.21%) South African Public (1.165%) Various overseas persons (0.145%) |
| Vendor | Tauranga Crossing Limited TX Holdings Limited, New Zealand (50%) Prospect Custodian Limited, New Zealand (35%) Petra Securities Limited, New Zealand (15%) |
| Background | The Applicant is part of Oyster Group, a commercial property and funds manager that deals in property fund structuring and equity raising. Oyster Group currently manages over 20 property funds for retail and wholesale investors. The Applicant will nominate the benefit of its interest to the Limited Partnership before settlement of the sale and purchase agreement (SPA). Under the SPA, the Limited Partnership will enter into an unincorporated joint venture with the Vendor. The Limited Partnership and the Vendor will then collectively manage and maintain Tauranga Crossing as tenants in common. 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 | Natalie Sundstrom Russell McVeagh PO Box 8 Auckland 1140 |