|Date||7 September 2005|
|Offeror/applicant||Trans Tasman Properties Limited|
|Ultimate applicant beneficial ownership||63.05 percent - Hong Kong, SEA Holdings Limited|
33.0148 percent - New Zealand, New Zealand Public
3.9352 percent - Various, Unknown Overseas Persons
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||66.9852 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Devondale Nurseries Limited|
48.4544 percent - New Zealand, Powell (John William) and Gavin (Charlotte Teresa)
25 percent - New Zealand, Powell (John William)
19.1125 percent - New Zealand, Powell (John William and Daniel John)
5.8875 percent - New Zealand, Powell (Daniel John)
1.5456 percent - New Zealand, Gavin (Charlotte Teresa)
|Business activities||Property & Business Services - Property|
|Details of land involved||39.2123 hectares of freehold situated at Johns Road and Main Road North, Belfast, Christchurch being CT 266134 (Canterbury Registry).|
|Consent Sought - 1995 Regs|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.
The Applicant (TTP) is a New Zealand Stock Exchange listed commercial property investor and developer. TTP has investments in several commercial and development properties located in Auckland, Christchurch and Queenstown. The proposed investment forms part of TTP's property investment and development strategies through expanding its investment portfolio and acquiring an interest in quality investment and development properties.
The proposed acquisition is consistent with TTP's current investment strategy in the Christchurch region, with its current focus on residential development. The subject properties adjoin and are adjacent to land owned by or to be acquired by Clearwater Property Holdings Limited (CPHL) a company in which TTP holds a 55 percent shareholding.
The proposal is likely to result in the following benefits:
|Contact||Frank McLaughlin/Chris Bougen|
P O Box 993