|Decision maker||Toitū Te Whenua Land Information New Zealand|
|Decision date||31 August 2022|
Freehold interests in:
Leasehold interests in:
Reco Pacific Private Limited
Precinct Pacific Investment Limited Partnership
Precinct Properties Holdings Limited
Precinct Properties Wynyard Limited
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:
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.
1Total consideration does not represent the amount received by Precinct Properties New Zealand Limited for the sale of the Asset