| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 28 February 2022 |
| Pathway(s) | Benefit to New Zealand Significant business assets |
| Investment | A greater than 25% interest in Goodman Property Trust, which has interests in approximately 25.147 ha of sensitive land in New Zealand |
| Asset Value | Up to $846,765,822 |
| Applicant | Goodman Limited and Goodman Industrial Trust Australia (42.4%); USA (20.7%); China (9.9%); UK (5.7%); Various (21.3%). |
| Vendor | Goodman Property Trust and unit holders in Goodman Property Trust |
| Background | The Applicant currently owns 24.76% of units issued in Goodman Property Trust. The Applicant seeks consent to increase its holding of units in Goodman Property Trust above 25% but below 50%. This may occur in lieu of payments to a related entity which provides management services to Goodman Property Trust, participation in future capital raises by Goodman Property Trust, participation in a distribution reinvestment plan or on or off market transfers from other existing unit holders. The Applicant is ASX listed and owns, develops and manages industrial real estate including logistics and distribution facilities, warehouses and business parks. The Applicant owns 363 properties in 14 countries across the world, worth more than AUD$64 billion. Goodman Property Trust owns significant industrial property in Auckland, primarily in the logistics and warehousing sectors. The consent has been granted on the basis the applicant has satisfied the investor test criterion and the benefit to New Zealand test in section 16A(1)(a) of the Act on the basis of improving market efficiency, previous investments and oversight and participation of New Zealanders. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 Auckland 1140 |