Applicant
Reco Pacific Private Limited
Case number(s)
202200028
Decision date
Type
Decision
Decision

Consent granted
Section 13(1)(c) Overseas Investment Act 2005

Decision maker Toitū Te Whenua Land Information New Zealand
Decision date 31 August 2022
Pathway(s)
  • Significant business assets 
  • National Interest assessment
Investment

Freehold interests in: 

  • Charles Fergusson Building, 38 Bowen Street, Wellington 
  • Mayfair House, 54 The Terrace, Wellington 

Leasehold interests in: 

  • 10 Madden Street, Auckland 
  • 12 Madden Street, Auckland
Consideration $382,505,3021
Applicant

Reco Pacific Private Limited
Singapore 100%

Precinct Pacific Investment Limited Partnership
Singapore 75.1%
New Zealand 17.33%
United Arab Emirates 3.74%
USA 1.71%
Australia 1.16%
Various 0.96% 

Vendors

Precinct Properties Holdings Limited 
New Zealand 69.59%
United Arab Emirates 15%
USA 6.86%
Australia 4.66%
Various 3.89% 

Precinct Properties Wynyard Limited
New Zealand 69.59%
United Arab Emirates 15%
USA 6.86%
Australia 4.66%
Various 3.89% 

Background

Reco Pacific Private Limited (Reco Pacific) and Precinct Properties New Zealand Limited (Precinct) established Precinct Pacific Investment Limited Partnership (the LP), with the intention that the LP acquire interests in 4 commercial properties (collectively the Properties) in Wellington and Auckland. The Properties are: 

  1. Charles Fergusson Building, 38 Bowen Street, Wellington 
  2. Mayfair House, 54 The Terrace, Wellington 
  3. 10 Madden Street, Auckland 
  4. 12 Madden Street, Auckland 

The Properties will be acquired from the Vendors which are both wholly owned subsidiaries of Precinct. 

The Properties house various government agencies and commercial tenants. 

While the LP is acquiring both freehold and leasehold interests in land, none of this land is considered ‘sensitive land’ under the Act and therefore consent is not required to acquire sensitive land under section 12(a) of the Act. 

The Applicant has satisfied the investor test and the national interest test. 

More information

Andrew Petersen
Bell Gully (Auckland)
PO Box 4199
Auckland 1140

1Total consideration does not represent the amount received by Precinct Properties New Zealand Limited for the sale of the Asset