Decision Summary - GDF-I LLP (English LLP)

Decision number 200710076
Application number 200710092
Date 29 June 2007
Offeror/applicant GDF-I LLP (English LLP)
Ultimate applicant beneficial ownership 31.38 percent - United Kingdom, United Kingdom Public
31.2 percent - United States of America, United States Public
23.65 percent - Various, Various overseas persons
23.65 percent - Various, Various overseas persons
13.77 percent - Australia, Australian Public
Beneficial overseas ownership  
- Asset current 0 percent
- Asset proposed 100 percent
- Share current N/A
- Share proposed N/A
Offeree(s)/seller(s) Peninsula Road Limited & Melview Viaduct Harbour Limited
100 percent - New Zealand, McKenna (Nigel Anthony)
Business activities Accommodation - Hotel/Motel/Lodge
Details of land involved None.
Regions involved Auckland Otago
Total consideration $319,421,300
Consent sought To acquire certain business assets and undertakings of Peninsula Road Limited and Melview Viaduct Harbour Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

Background:
GDF-I LLP (the Applicant) is an intermediary investment vehicle established to hold a portfolio of hotel and resort assets on behalf of an investment fund -Global Destinations Fund I LP (Fund). The Applicant has entered into agreements to acquire certain resort/hotel properties in Queenstown and Auckland (the Properties).

Rationale for Proposed Development:
The Properties are being acquired as a bulk purchase so the Applicant can purchase at a discounted purchase price, facilitate and eventually on-sell. The acquisition will also facilitate the vendor’s completion of the development.
Contact John Stephens
Meredith Connell
P O Box 2213
AUCKLAND

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