| Decision | Consent granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 11 December 2024 |
| Pathways |
|
| Investment | Acquisition of up to 100% of the shares and convertible notes in Powerco NZ Holdings Limited which has an interest in 16 hectares of sensitive land around New Zealand |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official information Act 1982 |
| Applicants | QS NZ Infrastructure Equity Trust |
| Vendors | QIC NZ Power Trust No. 3 |
| Background | QS Infrastructure Pty Limited, as trustee of QS NZ Infrastructure Equity Trust and QS NZ Powert Trust No.2, is beneficially owned by Australian Retirement Trust, one of Australia’s largest superannuation funds. QIC Investments No.1 Pty Limited and QIC Investments No.2 Pty Limited are trustees for the QIC Trust No.1 and QIC Trust No.2 will hold their interest on behalf of the Australian Retirement Trust. QS NZ Infrastructure Equity Trust and QS NZ Powert Trust No.2 currently own 25% of the shares and convertible notes in Powerco NZ Holdings Limited (Powerco) and the Applicants are together acquiring an additional 33% of the shares and convertible notes in Powerco, with the potential to increase to 100%. Powerco is the second-largest gas and largest electricity distributor in New Zealand which owns approximately 16 hectares of sensitive land for existing and proposed substations. The Applicants intend to bring financial support to Powerco's current business operations. This application was subject to a national interest assessment due to Powerco being a strategically important business. Consent was granted as the Applicants have met the investor test criterion and the investment is likely to benefit New Zealand. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | James Hawes |
This assessment report was published as part of an Official Information Act request:
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