Decision Summary - Orchard NZ Trustees Limited

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:
The Orchard NZ Eden Property Fund Trust is an unlisted unit trust. The investment is being undertaken jointly by an Australian based Orchard fund and a New Zealand based Orchard fund. The effect of the investment will be to double the value of Orchard's New Zealand's property assets.

Outline of Proposed Investment:
The property will be purchased as part of a series of acquisitions of commercial property including office, retail and industrial to achieve a long-term commitment of investment and development in New Zealand. The New Zealand Orchard Group believes this market will perform well over the long term.

Rationale for Proposed Investment:
The purchase of the property will complement the Applicant's existing New Zealand property holdings. The property includes retail tenancies, which are a good fit with the existing retail tenancies located at Metro Sky City. It is also consistent with the focus of the Orchard Group's property arm to provide its investors with regular income combined with capital growth over the longer term.