| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 30 August 2019 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of property at 136-142 Fanshawe Street, Wynyard Quarter, Auckland (“Asset”). |
| Consideration | $328,924,533 |
| Applicant | CC Artemis Trust PTE. Ltd Canadian Public (18.6119%) Denmark Public (18.6119%) Korean Public (18.6119%) United States Public (10.2454%) Luxembourg Public (10.1332%) Malaysian Public (9.3106%) Switzerland Public (14.4751%) |
| Vendor | Mansons Fanshawe Limited Culum Manson Trust, New Zealand (25.0%) ECM Trust, New Zealand (25.0%) Luke Manson Trust, New Zealand (25.0%) Mac Manson Trust, New Zealand (25.0%) |
| Background | The Applicant is acquiring the Asset as a commercial investment with the Vendor. The Applicant intends to acquire the Asset, with the Vendor constructing a building on the Asset and negotiating leases with office and retail tenants for the Applicant. The Applicant is related to the PAG Group, one of Asia’s largest alternative investment firms. The Applicant is also related to several companies managing commercial properties in Auckland. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Andrew Petersen Bell Gully PO Box 4199 Auckland 1140 |