Applicant
First Sunrise Bidco Limited
Case number(s)
202200575
Decision date
Type
Decision
DecisionConsent granted
Section 12(1)(a), Section 13(1)(c) and Section 20A Overseas Investment Act 2005 
Decision makerToitū Te Whenua Land Information New Zealand
Decision date7 March 2023
Pathway(s)Residential land development (Non-residential use - One-off purchase)
Significant Business Assets 
National Interest assessment
InvestmentAn 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
ApplicantFirst Sunrise Bidco Limited  
Australia 55.52% 
Canada 25.96% 
Japan 11.92% 
United States of America 4.60% 
Various 2.00% 
VendorEastland 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 informationGlenn 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

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