| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 3 February 2021 |
| Pathway(s) | Sensitive land - benefit to New Zealand National interest assessment |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1.5575 hectares of land located at 128 Te Anau Terrace, Te Anau |
| Consideration | $11,000,000 |
| Applicant | Tasman Tourism New Zealand Limited United Arab Emirates (90%) Australia (10%) |
| Vendor | Getaway Te Anau Limited New Zealand (100%) |
| Background | The Applicant is a joint venture between an Australian private equity firm (with experience in the holiday park industry) and an investment company based in Abu Dhabi. The Applicant intends to develop the holiday park on the Land over a five year period, which is likely to include rebuilding, refurbishing, and upgrading the existing accommodation, as well as developing services, amenities, and park infrastructure. The investment is part of a broader strategy to acquire, develop, and operate a portfolio of holiday parks offering tourism services to domestic and international visitors in New Zealand. The Applicant plans to introduce additional investment for development purposes for capital expenditure involved in the development and upgrade of accommodation, facilities, and infrastructure at the holiday park. The flow-on effects of this investment are likely to include jobs (for refurbishment and upgrade works), improved domestic services (through improved facilities), increased export receipts (through an increase in international visitor numbers and visitor spend once borders reopen), and serve to advance the Government’s tourist strategy. The Minister of Finance has determined that the investment is not contrary to New Zealand’s national interest and is subject to risk mitigation conditions. |
| More information | Simon Peart Chapman Tripp PO Box 993 WELLINGTON 6140 |
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