Applicant
City Developments Limited
Case number(s)
202500027
Decision date
Type
Decision
Decision

Consent Granted 
Section 13(1)(a) and Section 12(1)(b) Overseas Investment Act 2005

Decision maker

Toitū Te Whenua Land Information New Zealand

Decision date

17 April 2025 

Pathways

Significant Business Assets and Sensitive land - Farm land benefit test

Investment

Acquisition of up to 100% of the shares in Millennium & Copthorne Hotels New Zealand Limited (MCK) which gives an interest in sensitive land

Consideration

$2.80 per ordinary share ($71.3 million in total (if all outstanding shares are acquired)) 

Applicant

City Developments Limited
Singapore 99% 
Various 1%

Vendors

Shareholders of Millennium & Copthorne Hotels New Zealand Limited 
New Zealand 94%
Various 6%

Background

The Applicant is a Singaporean company listed on the Singapore Stock Exchange (SGX). The Applicant intends to acquire the remaining 24.14% of the ordinary shares (excluding treasury stock) it does not currently hold in MCK pursuant to a full takeover offer under the Takeovers Code. 

MCK is an NZX listed company that owns and operates hotels in New Zealand. It has a majority stake (65.31%) in CDL Investment New Zealand Limited, a New Zealand land development company, developing residential and commercial projects. 

The Investment will result in the Applicant indirectly wholly owning MCK. It will also increase the Applicant’s interests in sensitive New Zealand land. 

The Applicant intends to de-list MCK from NZX making MCK a private company wholly owned by the Applicant. It intends to refurbish/renovate the hotels where required and to undertake more acquisitions. 

The main benefits to New Zealand are likely to include economic benefits by enhancing New Zealand’s international reputation in allowing transactions of existing shareholders to increase their interests, making MCK’s operations more efficient, and increasing capital expenditure; and advancing government's tourism strategy. 

Consent was granted as the Applicant has met the investor test criterion and the Investment is likely to benefit New Zealand.

More information

Dan Jones
Russell McVeagh 
PO Box 8
AUCKLAND 1140