Applicant
ABN AMRO Property New Zealand Limited
Case number(s)
200820021
Decision date
Type
Decision
Decision number200820021
Application number200810037
Date12 August 2008
Offeror/applicantABN AMRO Property New Zealand Limited
Ultimate applicant beneficial ownership58 percent - United Kingdom, United Kingdom Public
24.7 percent - United States of America, United States Public
14.2 percent - Various, European Public
3.1 percent - Various, Various overseas persons
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed100 percent
Offeree(s)/seller(s)Existing Shareholders of McConnell Property Limited
50 percent - New Zealand, Young (Arthur William)
50 percent - New Zealand, Wadams (Allan John)
Business activitiesResidential, Commercial and Industrial Construction/Development
Details of land involved217.85 hectares of freehold and leasehold comprising approximately:
  1. 75 hectares situated at Hamilton International Airport, Airport Road, RD2, Mystery Creek, Hamilton being part of CTs: 393680, 373916, SA24B/427, 211116, SA58D/527, SA66D/69, SA29A/460, SA53A/604, SA17D/1253, SA58D/526, SA58D/528, and SA53A/603 (South Auckland Registry) (Titanium Park).
  2. 15.67 hectares situated at 211, 233A-233B, 225, and 231 Porchester Road, Takanini, South Auckland being CTs: 200756, NA558/2, NA1316/35, and 186333 (North Auckland Registry) (Addison Land).
  3. 24.43 hectares situated at 75 Walters Road, Takanini, Auckland being part of CT 121985 (North Auckland Registry) (McLennan Land).
  4. 102.75 hectares situated at 105 Middle Road and 188 Narrows Road, Rukuhia, Hamilton being CT 30510 (South Auckland Registry) (Montgomerie Farm).
Regions involvedSouth Auckland
Waikato
Total considerationCONFIDENTIAL
Consent soughtTo acquire up to 100 percent of the securities in McConnell Property Limited.
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.

Background to the Investment:
McConnell Property Limited (Vendor) is a 100% New Zealand-owned company involved in property development. It is part of the McConnell Group of companies (McConnell Group).

Outline of the Investment:
The Applicant seeks consent to acquire up to 100% of the securities in the Vendor, thereby indirectly acquiring interests in several parcels of sensitive land.

Rationale for the Investment:
The ABN AMRO New Zealand Group (ABN AMRO NZ) has identified similar property development opportunities in New Zealand and, with the expected growth in the savings pool in New Zealand, a potential source of funds. ABN AMRO NZ has chosen to partner with the McConnell Group and leverage off their complementary expertise, interests, and resources.

The proposed overseas investment will or is likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following benefits:

Overseas Investment Act 2005:
s17(2)(a)(i) - Creation of new job opportunities.

Overseas Investment Regulations 2005:
r28(b) - Key person in key industry.
r28(b) - Key person in key industry.
r28(d) - Vendor undertaking significant investment.
r28(e) - Previous investments.
r28(f) - Advance significant Government policy or strategy.

ContactAndrew Petersen/Nick Saxton
Bell Gully
P O Box 4199
AUCKLAND