| Decision | Consent granted Sections 12(1)(b) and 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 29 June 2026 |
| Pathways | Significant business assets Sensitive Land – Non-residential use test National interest assessment |
| Investment | Acquisition of an additional 6.1% of the issued share capital of Northleaf Capital Group Ltd. (NCGL). The Investment will result in the Applicant increasing its indirect interests in sensitive land. |
| Consideration | Withheld under s9(2)(b)(ii) the Official Information Act 1982 |
| Applicant | Armstrong L.P. North America 100% |
| Vendors | Current minority shareholders of NCGL |
| Background | The Applicant is a Canadian investment vehicle that holds an indirect minority voting interest in NCGL and will increase its voting interest from 49.9% up to 77% via the acquisition of an additional 6.1% of the issued share capital and changes to the rights attached to the existing classes of shares in NCGL. The Applicant's interest in NCGL is upstream of, and indirect from, Fortysouth Limited, in which funds managed or advised by affiliates of NCGL hold a non-controlling interest. Fortysouth Limited owns and operates passive mobile tower infrastructure in New Zealand. Consent was granted as the Applicant has met the investor test criterion, the Investment is likely to meet the non-residential use test, and the Investment is not contrary to New Zealand’s national interest. |
| More information | Tessa Baker Chapman Tripp (Auckland) PO Box 2206 Auckland 1140 |