| Decision number | 200610026 |
|---|---|
| Application number | 200520140 |
| Date | 9 March 2006 |
| Offeror/applicant | Multiplex Funds Management Limited as custodian of the Multiplex Albert Street Landowning Trust |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Neil Properties Limited 100 percent - Malaysia, Tiong Family |
| Business activities | Property & Business Services - Property |
| Details of land involved | 0.5579 hectares of freehold situated at 9-11 Corinthian Way and 7 Mercari Way, Albany, Auckland being CT NA132B/1000 (North Auckland Registry). |
| Regions involved | Auckland |
| Total consideration | $29,986,568 |
| Consent sought - 1995 Regs | To acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37. |
| Rationale | 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. The Applicant proposes to acquire the subject property which is used as commercial office, retail and carparking, to add it to its portfolio of New Zealand commercial properties. The Applicant advises that the acquisition provides an opportunity to acquire a mixed commercial/retail property in the Albany business district, a fast growing precinct where the Applicant does not have any current investments. The acquisition of this property is the sixth acquisition of commercial property in New Zealand for the Multiplex Group. The proposal is likely to result in the following benefits:
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| Contact | Greg Thompson / Edward Dunphy Russell McVeagh P O Box 8 AUCKLAND |