| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 01 June 2022 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of 100% of the securities in Irongate Group comprising the stapled unit trusts, Irongate Property Fund I and Irongate Property Fund II. As a result the Applicant will acquire 100 Willis Street, Wellington also known as the Majestic Centre. |
| Asset Value | $175,700,000 |
| Applicant |
Charter Hall Wholesale Management Limited as trustee of the Charter Hall PGGM Industrial Partnership and trustee of the Charter Hall PGGM Industrial Partnership No. 2 Charter Hall Holdings Pty Limited |
| Vendor | The securityholders of Irongate Group Australia 44.7%, South Africa 33.8% United States of America 8.4% United Kingdom 3.2% New Zealand 2.1% Various 7.8% |
| Background |
The Applicant is an Australia-based property investment management company focused on investing in office, industrial, retail and social infrastructure properties. By acquiring 100% of the securities in the Irongate group, the Applicant will acquire 100 Willis Street, Wellington which is a tenanted office block in the Wellington CBD. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Natalie Sundstrom Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |