| Decision number | 200620062 |
|---|---|
| Application number | 200620013 |
| Date | 17 October 2006 |
| Offeror/applicant | Strategic Finance Limited |
| Ultimate applicant beneficial ownership | 50 percent - New Zealand, New Zealand Public 50 percent - Australia, Allco Principals Trust |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 50 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Truman Investment Trust Limited 100 percent - New Zealand, New Zealand Public |
| Business activities | Property & Business Services - Property |
| Details of land involved | 0.794 hectares of leasehold situated at Levels 1 and 2, Shed 22, 147 Quay Street, Princes Wharf, Auckland being CTs NA133D/746, 222922, 222923 and NA133D/747 (North Auckland Registry). |
| Regions involved | Auckland |
| Total consideration | CONFIDENTIAL |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land of that type, is or includes the foreshore or seabed. |
| 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. Strategic Finance Limited (Strategic), following a change of ownership where Allco Funds Management (NZ) Limited (Allco) acquired 50 percent of Strategic Investment Group Limited (SIGL) (Strategic is a wholly-owned subsidiary of SIGL), is considering its future strategy in relation to the long-term accommodation of its operations and staff. Strategic currently has a sub-lease of the land for a period of less than three years with no rights of renewal. Strategic proposes to either acquire the sub-lessor's interest in the land (which is for a term exceeding three years) or vary its existing lease by providing two further rights of renewal of three years each. Strategic advises that the proposed acquisition will provide certainty of tenure for Strategic for its office premises. The proposed transaction will provide continued stability for the Applicant's business resulting in greater efficiencies for the Applicant to provide enhanced domestic services in the New Zealand financial services sector. |
| Contact | Haydn Wong Bell Gully P O Box 4199 AUCKLAND |