| Decision number | 200710072 |
|---|---|
| Application number | 200710062 |
| Date | 21 June 2007 |
| Offeror/applicant | AMP Capital Investors Limited as responsible entity for the AMP Shopping Centre Fund |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Sabina Limited 100 percent - New Zealand, Bell (Warren James) and Glasson (Timothy Charles) as trustees of the Glasson (Palms) Trust |
| Business activities | Property & Business Services - Property |
| Details of land involved | None. |
| Regions involved | Canterbury |
| Total consideration | CONFIDENTIAL |
| Consent sought | To acquire property being acquisition of the Palms Shopping Centre, Shirley, Christchurch. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The AMP Shopping Centre Fund (ASCF) following a competitive tender process has been selected as the purchaser of the Palms Shopping Centre located in Shirley, Christchurch. The acquisition is consistent with ASCF's strategy to hold and acquire a pool of sector-specific investment grade retail assets. |
| Contact | Ed Crook/Jonathan Mitchell Russell McVeagh P O Box 8 AUCKLAND |