| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 27 April 2022 |
| Pathway(s) | Significant business assets Benefit to New Zealand |
| Investment | Acquisition of ordinary shares in the capital of Roturbo Pte Ltd, which indirectly holds leasehold interests in 17 parcels of land, comprising approximately 4.1802 hectares, located at 137 – 147 Quay Street, Central Auckland. |
| Consideration | Withheld under s 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Rapturous Harmony Limited Channel Islands (100%) |
| Vendor | Wilson Offshore Group Holdings (BVI) Ltd Channel Islands (100%) |
| Background |
The Applicant is seeking consent to acquire ordinary shares in the capital of Roturbo Pte Ltd (the Target) (the Proposed Transaction). The Target is a holding company for the Wilson Global Group’s operations, which operates in New Zealand through Wilson Parking New Zealand Limited (WPNZ) and its subsidiaries. WPNZ and its subsidiaries provides parking and parking enforcement services. The Proposed Transaction includes the acquisition of indirect leasehold interests in 17 parcels of sensitive land, located at 137 – 147 Quay Street, Central Auckland (the Lands). The Lands comprise approximately 4.1802 hectares of land. The Proposed Transaction is being undertaken as part of an upstream reorganisation of related party assets. The Applicant intends to operate WPNZ’s business as it is currently operated. We consider that one of the relevant overseas persons has undertaken previous investments that have been beneficial to New Zealand. We also consider that due to the upstream nature of this transaction, refusing consent would likely adversely impact New Zealand’s investment reputation and affect the desire of large global players to make inbound investments into New Zealand or to engage in transactions where a small New Zealand component may be involved. Taking into account the size of the Lands, the interests being acquired, being leasehold interests, and the upstream nature of the investment, the OIO considers it finely balanced that the overseas investment is likely to benefit New Zealand. The OIO is satisfied that the Investor Test is met. |
| More information | Elena Kim PwC Legal Private Bag 92162, Auckland 1142 |