Decision Summary - ING (NZ) Limited

Decision number	200820005
Application number	200720149
Date	8 July 2008
Offeror/applicant	ING (NZ) Limited
Ultimate applicant beneficial ownership	51 percent - Netherlands, Ing Groep N.V. 46.8783 percent - Australia, Australian Public 2.1217 percent - New Zealand, New Zealand Public
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	97.8783 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	SL Properties (Auckland) Limited 100 percent - New Zealand, New Zealand Public
Business activities	Property & Business Services - Property
Details of land involved	0.5587 hectares of leasehold situated at 139 Quay Street, Auckland being CT 220810 (North Auckland Registry).
Regions involved	Auckland
Total consideration	$2,443,155
Consent sought	To acquire an interest in land which, either alone or together with any associated land of that type, is or includes the foreshore or seabed.
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 Applicant intends to move into new premises at into St Laurence House at 139 Quay Street, Auckland (Building). Outline of the Investment The Applicant has negotiated an agreement with SL Properties (Auckland) Limited to lease levels 5-9 of the Building. Rationale for the Investment The Applicant wants to move its head office to the Building as it anticipates engaging additional employees in the medium term. The floor area to be leased is significantly larger than that at the Applicant’s current premises. The proposed overseas investment will or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following benefits: Overseas Investment Regulations 2005: r28(b) - Key person in key industry. r28(c) - Adversely affect New Zealand's image overseas. r28(e) - Previous investments.
Contact	Susan Bright Bell Gully P O Box 4199 AUCKLAND

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