| Decision | Consent granted Section 12(1)(b) and Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 30 June 2025 |
| Pathway | Sensitive land – Benefit test and Significant Business Assets |
| Investment | Acquisition of up to 100% of the shares in AVJennings Limited |
| Consideration | $395,900,000 |
| Applicant | PM Nominees C Pty Ltd Middle East 77% North America 19% Various 4% |
| Vendor | AV-Jennings Limited Asia Pacific 68% Australia 23% Various 9% |
| Background | The Applicant is controlled by AVID Property Group, one of Australia’s largest property developers. Both the Applicant and AVID Property Group are owned by funds managed or advised by global real estate private equity firm, Proprium Capital Partners, L.P. This application was subject to a national interest assessment because the Applicant is a non-New Zealand government investor. The main benefits to New Zealand are likely to include increased capital expenditure and housing, retention of jobs, and the development support government's housing policy. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. The Minister of Finance has decided that the Investment is not contrary to New Zealand’s national interest. |
| More information | David Raudkivi Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |