| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 Section 13(1) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 7 May 2019 |
| Investment | An overseas investment in both significant business assets and sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Polarcold Stores Limited (“Polarcold”) which has a freehold interest in 0.8078 hectares of sensitive land at 1A Breakwater Road, (State Highway 50), corner Hornsey Road, Bluff Hill. Napier. The investment is an investment in significant business assets because the Applicant will acquire the Polarcold business for consideration which exceeds $100m. |
| Consideration | $151,400,000 |
| Applicant | Emergent UK 3 Ltd which is indirectly wholly owned by Emergent Cold, L.P. whose majority investors are investment funds advised by Elliott Management Corporation |
| Vendor | Scales Holdings Limited New Zealand Public (78.06%) China Resources Ng Fung Ltd., Hong Kong (SAR) (15.30%) Various (6.64%) |
| Background | The Applicant is a United Kingdom company which is wholly owned by global cold storage company Emergent Cold, L.P. Polarcold provides cold storage warehousing to its customers who are mostly New Zealand exporters of meat, dairy products, fish, and horticultural products. It also provides cold storage for New Zealand and overseas producers of food for domestic consumption within New Zealand. It has storage facilities in Auckland, Waikato, Hawke’s Bay, Timaru, Christchurch, and Dunedin. The investment is likely to:
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| More information | David Hoare Russell McVeagh PO Box 8 AUCKLAND |