19 December 2019
The Overseas Investment Office (OIO) has approved an application from subsidiaries of the Woolworths Group Limited to acquire land for supermarkets and facilities to support the company’s New Zealand operations.
General Distributors Limited and Wholesale Distributors Limited, both part of the Woolworths Group, have been issued with a standing consent that will allow them to acquire residential (but not otherwise sensitive) land under the Overseas Investment Act.
Woolworth Group is one of the largest supermarket operators in New Zealand and runs the Countdown, Fresh Choice and Super Value stores.
The OIO has strict oversight of any transactions undertaken by investors that are granted standing consents. The applicant must notify the OIO once each transaction has been settled.
Applicants must meet rigorous criteria to be eligible for a standing consent. Only quality investors with a proven track record, detailed business plans, and processes to ensure they comply with conditions of the standing consent can be granted one.
This standing consent will permit the applicant to acquire up to 75 hectares of land and complete up to 10 transactions before the consent expires on 1 December 2022.
Woolworths Group is listed on the Australian stock exchange.
At the end of each month the OIO publishes decision summaries for applications decided in the preceding month. Join our mailing list to receive monthly updates about new decisions.
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