| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 20 May 2020 |
| Pathway(s) | Sensitive land – benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of 30% of the units in the Orams NZ Unit Trust, which owns 75.95% of the shares in Orams Group Limited. Orams Group Limited holds leasehold interests in approximately 3.5515 hectares of sensitive land located at Beaumont Street, Wynyard Quarter, Auckland. The Applicant has demonstrated that the Investment will enhance the viability of the benefits created by a previous consent (case number 201810164) by ensuring efficient development of the marine facilities on the land, ahead of the America’s Cup in 2021. There will continue to be some control and partial ownership of the development by New Zealanders. The Applicant has also demonstrated that it has provided benefit to New Zealand through previous investments. |
| Consideration | Yet to be determined |
| Applicant | Ariadne Australia Limited Australian Public (98.23%) New Zealand Public (1.55%) Various Overseas Persons (0.22%) |
| Vendor | Sir Ron Brierley New Zealand (100%) |
| Background | The Applicant intends to increase its existing ownership interest in the Orams NZ Unit Trust from 50% to 80%. Orams Group Limited (of which Orams NZ Unit Trust owns 75.95%) has long term leasehold interests in approximately 3.5515 hectares of land located at Beaumont Street, Wynyard Quarter, Auckland, where it is currently developing marine facilities.
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| More information | Andrew W Harmos Harmos Horton Lusk PO Box 28 Shortland Street AUCKLAND |