Applicant
Tui BidCo Limited
Case number(s)
202200162
Decision date
Type
Decision
Decision

Granted 
Sections 12(1)(a) and 13(1)(a) Overseas Investment Act 2005
Decision maker The Minister for Land Information and the Associate Minister of Finance 
Decision date 22 August 2022  
Pathway(s) Benefit to New Zealand (Benefit to New Zealand - Farm land) and Significant Business Assets  
Investment

Acquisition of up to 100% of the shares in Beijing Capital Group NZ Investment Holdings Limited which gives the Applicant an interest in the following sensitive land:  

A Freehold Interest in approximately: 

  1. 656.5127 hectares of land located at Matariki Forest, Waiwhiu Road, and State Highway One, Dome Valley, North Auckland, contained in Records of Title NA1149/48, NA136/300, NA643/294, NA599/299, NA27D/570, NA28A/580, NA1149/47, NA907/217, NA50B/713, NA870/214, NA26C/477, NA2D/102, NA634/125,  NA761/222, NA599/297, NA31B/790, NA279/207, NA1937/63, NA599/296 (North Auckland);  
  2. 39.985 hectares of land located at WMNZ Put Option properties: 100 and 200 Horseshoe Bush Road, Dairy Flat, North Auckland, contained in Records of Title NA85D/693, NA76C/379, NA76C/381, NA59A/477 (North Auckland); 
  3. 69.8249 hectares of land located at WMNZ Redvale Farmland: 44 Richards Road and 125 Horseshoe Bush Road Dairy Flat, North Auckland, contained in Records of Title 218904, 562514, 578978 (North Auckland); 
  4. 389.2635 hectares of land located at WMNZ Springhill property: 1232B State Highway One, Wayby Valley, North Auckland, contained in Records of Title 963372, 983862, NA939/170, 252010, NA138D/56, NA42B/697, NA42B/698, 278282, NA781/62 Part- Cancelled, NA42B/699 (North Auckland);  
  5. 1,461.0016 hectares of land located at Kate Valley Landfill at 20 and 666 Mt Cass Road, Waipara, North Canterbury, contained in Records of Title 672872, CB739/89 (Canterbury); 
  6. 4.7838 hectares of land located at WMNZ property at 1232 State Highway 1 Wayby Valley, North Auckland, contained in Record of Title 233954 (North Auckland); 
  7. 185.1819 hectares of land located at WMNZ Tirohia Landfill, 6306 State Highway 26 Tirohia, Waikato, contained in Records of Title SA27A/43 Part- Cancelled, SA27A/41, SA2D/475, SA31D/565 (South Auckland); 
  8. 120.1363 hectares of land located at WMNZ Redvale Landfill property at Landfill Access, Richards and Horseshoe Bush Roads, Dairy Flat, North Auckland, contained in Records of Title NA118B/596, 90886, 218905, 562515, 578978 (North Auckland); 
  9. i78.2536 hectares of land located at Fairfield Landfill 125- 127 Old Brighton Road, contained in Records of Title OT13B/390 Part- Cancelled, OT352/110 Part-Cancelled, OT8D/1045 (Otago); and 
  10. 123.9528 hectares of land located at Bonny Glen Landfill property, 818 Wanganui Road, Turakina, Rangitikei District, contained in Records of Title 87921, 87922, WN221/42, WN212/214 (Wellington). 

A Leasehold Interest in approximately 187.408 hectares of land located at 100 Island Road, Puketutu Island, Auckland, contained in Record of Title 561232 (North Auckland). 
Asset value $1,900,000,000 
Applicant

Tui BidCo Limited 
Australia 63.8%
Canada 16.7%
Japan 13.5%
Various 6%
Vendor

BCG NZ Investment Holding Limited 
China 100%
Background

The Applicant is a company incorporated in New Zealand for the purposes of this investment.  It is ultimately owned by First Sentier Funds which is managed by First Sentier Investors, a global fund manager which invests in economic infrastructure assets such as waste management, energy, water and chemical storage facilities as well as transport and telecommunication networks in OECD countries.  

The Applicant has been granted consent to acquire 100% of the issued share capital of Beijing Capital Group NZ Investment Holding Limited which is the parent company of Waste Management NZ Limited (WMNZ). WMNZ is New Zealand’s largest resource recovery and waste management services provider.   

The Applicant will acquire all the assets of WMNZ and WMNZ’s 28 subsidiaries, some of which hold interests in sensitive land. The majority of the land comprises landfills and buffer land. It also includes farm land, residential land, and land containing fresh or seawater areas, public access, and areas of indigenous flora and fauna.  

The investment is likely to result in additional investment for development purposes, environmental benefits including the reduction of CO2 emissions, increased employment, advancement of government policies on emissions reduction, and continued public access.  

The Ministers are satisfied that the benefit to New Zealand will be substantial and identifiable, the investor test has been met, and the farm land advertising criteria have been met.  
More information

Glenn Shewan  
Bell Gully (Auckland) 
PO Box 4199 
Auckland 1140