Decision Summary - Kenmill Pty Limited
| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 28 April 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
|
| Consideration | $17,538,775 |
| Applicant | Kenmill Pty Limited Australia (99.0%), Various (1.0%) |
| Vendor | Valad Funds Management Limited Australia (98.52%), United Kingdom (except Isle of Man and the Channel Islands) (1.22%), Various (0.26%) Valad Property Trust Australia (98.52%), United Kingdom (except Isle of Man and the Channel Islands) (1.22%), Various (0.26%) |
| Background | This Application involves an international transaction between two Australian parties (Kennards and Valad) restructuring a joint venture to enable Kennards to acquire all of the minority interests. The joint venture business operates self storage facilities using two entities - KVSI Holdings Trust (KHT) and KVSI Holdings Pty Limited (KHPL). Kennards Storage Management Pty Limited, a related company will continue to manage the sensitive land and all the other storage facility sites owned by the Applicant on completion of the transaction. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:
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| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 Elena Chang Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |
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