Decision Summary - National Mutual Funds Management

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:
WAPF (NZ) is a wholly owned sub trust of the Wholesale Australian Property Fund (WAPF). WAPF is a wholesale trust registered scheme which invests the money of individual investors who are allocated units on the fund, based on an entry unit price. WAPF is open for investment to all investors. AXA Asia Pacific Holdings Limited (AAPHL) is the entity with control over WAPF (NZ).

Outline of Proposed Investment:
NMFM in its capacity as responsible entity of WAPF (NZ) proposes to acquire the Plaza Shopping Centre at Whangaparoa, the ANZ Tower and Espirit Building, and the Westpac Building in Wellington. Following the acquisition the Applicant will continue to manage these properties as they are currently being managed.

Rationale for Proposed Investment:
WAPF currently has an investment at Shortland Street, Auckland and is seeking to increase its exposure in New Zealand. The acquisition is appealing due to the nature and quality of the asset. It adds to the Applicant's existing portfolio and including Shortland Street, it will represent 15% of the total funds investment.