Decision Summary - APEREF II Limited

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.

Background:
The Applicant holds 60% of the shares in Great Northern Developments Limited. Great Northern Developments Limited is a special purpose vehicle for funds managed by AMP Capital Investors (New Zealand) Limited, incorporated for the purpose of acquiring and developing the Lion Brewery site at Khyber Pass Road, Newmarket, Auckland (refer A200720028/ D200720028).

Outline of Proposed Investment:
The Applicant proposes to acquire the balance (40%) of the issued share capital of Great Northern Developments Limited from AMP NZ Property Fund.

Rationale for Proposed Investment:
AMP NZ Property Fund has decided that its 40% shareholding in Great Northern Developments Limited does not fit the overall asset allocation profile of its investments at this time and has decided to sell its shares to the Applicant. The Applicant needs fellow shareholders that have the balance sheet and expertise to assist with and profit from such a major development. The Applicant wishes to purchase AMP NZ Property Fund's shares in Great Northern Developments Limited to avoid the loss of control to another party. Great Northern Developments Limited is a perfect fit into the Applicant's portfolio as the Applicant is purely a developer of property.

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