Decision Summary - Valad Commercial Management Limited as responsible entity of the Valad Property Trust of Australia

Decision number	200810032
Application number	200820021
Date	4 April 2008
Offeror/applicant	Valad Commercial Management Limited as responsible entity of the Valad Property Trust of Australia
Ultimate applicant beneficial ownership	100 percent - Australia
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	100 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Carter Holt Harvey Limited 100 percent - New Zealand, Hart (Graeme Richard)
Business activities	Property & Business Services - Property
Details of land involved	1.2449 hectares of freehold situated at 40 Waihi Road and 14 Birch Avenue, Tauranga. being CT SA48A/5 (South Auckland Registry).
Regions involved	Bay of Plenty/Coromandel
Total consideration	$7,394,625
Consent sought	To acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.
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. Background to the Investment: The Overseas Investment Office granted consent to the Applicant on 8 August 2007 (A200710107/D200720012) to acquire 23 properties in New Zealand from Carter Holt Harvey Limited (CHH) and Carter Holt Harvey Properties Limited (CHH Properties), comprising 14 Carters depot properties, 5 packaging plants, 2 office buildings and 2 vacant lots used for car parking. It is proposed that CHH or CHH Properties will lease back the properties from the Applicant. The Investment: The Applicant proposes to acquire the Carters hardware and timber depot located at 40 Waihi Road and 14 Birch Avenue, Tauranga under a separate agreement for sale and purchase. It is also proposed that CHH or CHH Properties will lease back the property from the Applicant. Rationale for the Investment: The acquisition of the land will provide further diversification to Valad Property Group's (VPG) property portfolio. The proposed overseas investment is or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors: Overseas Investment Regulations 2005: r28(c) - Adversely affect image, trade, or international relations; and r28(e) - Previous investments.
Contact	Carrie Follas DLA Phillips Fox 201 Elizabeth Street Sydney NSW 2000 AUSTRALIA

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