|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|
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:
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).
Tui BidCo Limited
BCG NZ Investment Holding Limited
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.