| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 3 June 2020 |
| Pathways | Sensitive land – benefit to New Zealand Significant business assets |
| Investment | An overseas investment in sensitive land, being the Applicants’ acquisition of freehold interests in approximately 15.9 hectares of land at five separate locations in Auckland. An overseas investment in significant business assets, being the Applicants’ acquisition of assets with a total value that exceeds $100 million. |
| Asset Value | $256,930,000 |
| Applicant | AP SG 17 Pte Ltd. Stride Industrial Property Limited |
| Vendor | Stride Property Limited New Zealand (69.73%) Australia (24.27%) United States of America (3.16%) Japan (1.78%) Hong Kong (0.55%) United Kingdom (0.21%) Various (0.2%) Czech Republic (0.1%) |
| Background | AP SG 17 Pte Ltd. is a special purpose company incorporated to hold the New Zealand investments of a group of international institutional investors, through a special purpose vehicle, and advised by J.P. Morgan Asset Management. Stride Industrial Property Limited is a special purpose company that is part of the New Zealand commercial property investor Stride Property Group and has been incorporated to participate in the joint venture. The Applicants intends to acquire the land as part of a joint venture in order to acquire, develop, lease, and manage a portfolio of industrial properties in New Zealand. The benefits to New Zealand include:
The OIO has taken possible delays due to COVID-19 into account in formulating special conditions of consent to the investment. |
| More information | Ed Crook Russell McVeagh PO Box 8 Auckland 1140 |