Overseas investment decision for case 201810289 - Targa Capital Limited

The Applicant provides debt and equity funding for residential construction and development works in partnership with property developers.

Some of these investments require consent because they involve acquiring interests in sensitive residential land.

The Applicant considers its proposed investments will result in an increase in the number of residential dwellings constructed in New Zealand, including supporting development works.

The Applicant is an overseas person because one of three directors is not a New Zealand citizen nor ordinarily resident here and it is ultimately controlled and receives the majority of its funding from Mr Alexander Abramov of Russia.

We are satisfied the Applicant has demonstrated the investor test is met and that the Applicant is likely to comply with the mandatory and additional conditions of consent as set out in Schedule 4, clause 2, having had regard to the Applicant’s financial strength, previous activity regarding the use of residential land, and the previous record of the Applicant in complying with consent conditions. 

The standing consent is for a term of three years, 20 hectares (aggregate) of residential land, seven transactions, and in one or more of Whangarei, Auckland, Tauranga, Waikato, Wellington, Christchurch, Dunedin, and Queenstown.