| 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 | 22 May 2020 |
| Pathway(s) | Sensitive land – benefit to New Zealand Residential land – non-residential use |
| Investment | An overseas investment in sensitive land and significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the shares in Augusta Capital Limited. The value of the assets of Augusta Capital Limited and its 25% or more subsidiaries is greater than $100m. Augusta Capital Limited has ownership or control interests in 11 properties that include sensitive land throughout New Zealand (with a total combined land area of 23.4153 hectares). |
| Asset Value | Exceeds $100 million |
| Applicant | Centuria Capital Group Australian Public (73.26%) Singapore Public (13.77%) New Zealand Public (5.99%) United States Public (3.60%) Various Overseas Persons (3.38%) |
| Vendor | Existing shareholders of Augusta Capital Limited New Zealand Public (74.28%) Australian Public (19.41%) United Kingdom Public (3.63%) Various Overseas Persons (2.68%) |
| Background | The Applicant is an Australian specialist investment manager. It currently has a 22.875% interest in Augusta Capital Limited (Augusta) and seeks consent to acquire the remaining shares in this entity. The Applicant considers its business to be complementary to that of Augusta as they both operate in the property fund management industry. The Investment will provide benefit to New Zealand as the Applicant will use its investment experience and stronger financial position to provide financial stability and accelerate the growth of Augusta as it recovers from the economic impacts of Covid-19. The Investment will also result in the creation of one full time job. |
| More information | Annie Steel Harmos Horton Lusk PO Box 28 Shortland Street AUCKLAND |