| Decision | Consent granted Section 12(1)(a), Section 13(1)(c) and Section 20A Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 7 March 2023 |
| Pathway(s) | Residential land development (Non-residential use - One-off purchase) Significant Business Assets National Interest assessment |
| Investment | An overseas investment in significant business assets and sensitive land, being the Applicant's acquisition of 100% of the shares in Eastland Network Limited for consideration exceeding $100 million and a freehold interest in approximately 0.2746 ha described as Lot 21 DP 6072. |
| Asset value | $260,000,000 |
| Applicant | First Sunrise Bidco Limited Australia 55.52% Canada 25.96% Japan 11.92% United States of America 4.60% Various 2.00% |
| Vendor | Eastland Group Limited New Zealand 100% |
| Background | The Applicant is a company incorporated in New Zealand for the purposes of this investment. It is ultimately owned by First Sentier Funds which is managed by First Sentier Investors, a global fund manager which invests in economic infrastructure assets such as waste management, energy, water and chemical storage facilities as well as transport and telecommunication networks in OECD countries. Eastland Network Limited (ultimately owned by Trust Tairāwhiti) is the electricity distribution company for the Tairāwhiti and Wairoa regions. Eastland Network owns and maintains the poles, wires and underground cabling used by electricity retailers to supply customers with electricity in the Tairāwhiti and Wairoa regions. It also owns the region’s high voltage electricity transmission network (being the steel poles and towers that connect the local supply network to the national grid). Trust Tairāwhiti supported Eastland Group’s recommendation for the network sale as it would release capital for Trust Tairāwhiti for further investment into the economic development of the region. Eastland Network owns 0.2746 ha of sensitive residential land in central Gisborne that is currently vacant. The Applicant intends to use the land for non-residential purposes, keeping it vacant. LINZ granted consent as it considered the Applicants have met the investor test and non-residential use criterion. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | Glenn Shewan Bell Gully (Auckland) PO Box 4199 Auckland 1140 |
See the attached assessment report linked below, which was published in response to an Official Information Act request:
Overseas Investment decision documents for First Sunrise Bidco Limited application