| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 23 November 2021 |
| Pathway(s) | Significant business assets and residential land development (non-residential use - one-off purchase). |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of up to 100% of the shares in the Target from the Vendor. An overseas investment in sensitive land, being the acquisition of a leasehold interest in residential (but not otherwise sensitive) used for offices. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official information Act 1982. |
| Applicant | BCP V Modular Services Holdings IV Limited Ultimately controlled by Brookfield Asset Management, a global alternative asset manager incorporated in Canada. |
| Vendor | Modulaire Investments 1 S.à r.l. |
| Target | Modulaire Investments 2 S.à r.l |
| Background | This transaction is part of a wider global transaction. The Target is part of Modulaire Group, an infrastructure services company registered in Luxembourg specialising in modular buildings. The Target indirectly owns Portacom New Zealand Limited. Portacom New Zealand currently leases residential land which will be used for non-residential purposes, being an office in support of their business. The Applicant has satisfied the investor test criterion. |
| More information | Glenn Shewan |