| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 27 February 2024 |
| Pathway(s) | Significant Business Assets |
| Investment | A leasehold interest for 35 years in approximately 5.81 hectares of non-sensitive land at 20 Puaki Drive, Wiri, Auckland. |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982. |
| Applicant | GPC Asia Pacific Limited United States of America 100% |
| Vendor | Eden Puaki Drive Sub Limited Partnership Funds managed and advised by entities associated with BlackRock, comprised of entities which are 90% overseas owned. |
| Background | The Applicant is a member of the GPC Asia Pacific group, supplying automotive aftermarket and industrial replacement parts in Australia, New Zealand, Indonesia and Singapore. The Applicant is best known in New Zealand for its Repco retail stores. The Applicant is selling its freehold interest in the land to the Vendor which is then leasing the land back to the Applicant. The land houses the Applicant’s main distribution centre in New Zealand, which supports distribution of products to stores and customers in New Zealand and the South Pacific. Consent was required because the total value of the leasehold interest in the land exceeds $100 million. Consent was granted as the Applicant met the investor test criterion. |
| More information | Tony Nicholson Burton Partners PO Box 8889 Auckland 1150 |