| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 20 August 2021 |
| Pathway | Significant business assets only |
| Investment | An overseas investment in significant business assets, being each Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration that exceeds NZD 100 million as part of a receivables backed securitisation programme established for LeasePlan New Zealand Limited and SG Fleet NZ Limited |
| Asset Value | The investment involves a securitisation programme which will involve the acquisition of receivable assets and related rights, the value of which will exceed NZD 100 million. |
| Applicant | SG Fleet NZ Limited and LeasePlan New Zealand Limited Various (96.42%) South Africa (3.58%) The New Zealand Guardian Trust Company Limited as trustee of the Autonomy NZ 2021-2 Warehouse Trust New Zealand (100%) |
| Vendors | SG Fleet NZ Limited and LeasePlan New Zealand Limited Various (96.42%) South Africa (3.58%) The New Zealand Guardian Trust Company Limited as trustee of the Autonomy NZ 2021-2 Warehouse Trust New Zealand (100%) |
| Background | SG Fleet NZ Limited (SG Fleet NZ) is a provider of fleet management and vehicle leasing services in New Zealand. It applied for consent to acquire 100% of the shares in LeasePlan New Zealand Limited (LeasePlan), an automobile leasing and fleet management company, from LeasePlan Corporation NV in April 2021. Consent to this transaction was granted on 14 July 2021. This application is the next step in this transaction which is the establishment of a receivables backed funding programme for LeasePlan where the Autonomy NZ 2021-2 Warehouse Trust will be established for the purpose of acquiring receivable assets relating to motor vehicle and equipment financing or leasing from the relevant vendors. The relevant vendor may also repurchase receivable assets from the Autonomy NZ 2021-2 Warehouse Trust from time to time. The Applicant has satisfied the investor test criterion. |
| More information | Deemple Budhia Russell McVeagh (Auckland) PO Box 8 AUCKLAND 1140 |