| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 15 June 2020 |
| Pathways | Significant business assets Sensitive land – substantial and identifiable benefit to New Zealand Residential land – non-residential use |
| Investment | An overseas investment in significant business assets and sensitive land, being the Applicant's acquisition of rights or interests in 100% of the partnership interests in InfraRed Partners LLP. The consideration for the transaction exceeds $100m, and InfraRed Partners LLP, through its partly owned subsidiary, has an indirect leasehold interest in approximately 270 hectares of sensitive land at the Transmission Gully project site north of Wellington. |
| Consideration | A closing payment of £300 Million being the value of the overall transaction1 |
| Applicant | Sun Life Financial Inc Canada Public (75.55%) United States Public (14.34%) Various overseas persons (10.11%) |
| Vendor | InfraRed Capital Partners (Management) LLP United Kingdom Public (98.58%) United States Public (0.71%) South Korean Public (0.71%) |
| Background | Sun Life Financial Inc seeks to acquire up to 100% of the partnership interests in InfraRed Partners LLP (the Target). Through its subsidiaries, the Target owns 40% of the interests in Wellington Gateway Partnership No. 2 LP which is undertaking the Transmission Gully project through its general partner Wellington Gateway General Partner No. 2 Limited. The Transmission Gully project is underway and Sun Life Financial Inc will not have any material influence over its operation. The investment will provide substantial and identifiable benefit to New Zealand through advancing the government’s public-private partnership model and encouraging investment in capital infrastructure in New Zealand. |
| More information | Mei Fern Johnson Russell McVeagh PO Box 10-214 Wellington |
1The value attributable to the Transmission Gully project is only a small percentage of the closing payment