Decision number200520069
Application number200520072
Date3 October 2005
Offeror/applicantAMP Capital Investors (New Zealand) Limited as manager for the AMP NZ Property Fund
Ultimate applicant beneficial ownership52.01 percent - Australia, Australian Public
47.99 percent - New Zealand, New Zealand Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current18.7105 percent
- Share proposed58.10024 percent
Offeree(s)/seller(s)Existing shareholders in Capital Properties New Zealand Limited other than AMP NZ Property Fund
94.6714 percent - New Zealand, New Zealand Public
4.6286 percent - Australia, Australian Public
0.7 percent - Various, Various overseas persons
Business activitiesProperty & Business Services - Property
Details of land involvedNone
Regions involvedVarious
Total consideration$357,645,550
Consent Sought - 1995 RegsTo acquire up to 100 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of Capital Properties New Zealand Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

AMP NZ Property Fund (APF), a wholesale property fund managed by AMP Capital Investors (New Zealand) Limited (AMP Capital) proposes to acquire up to 100 percent of the shares in Capital Properties New Zealand Limited (CPNZ), a company listed on the New Zealand Stock Exchange (NZSX), by way of a takeover offer pursuant to the Takeovers Code.

APF's investment philosophy is to focus on medium to long-term investment returns, and on occasion, to offset short-term performance to achieve those medium to long-term returns. APF focuses on investment grade assets that provide good potential for tenant retention, income and capital appreciation. The proposed acquisition is likely to diversify APF's geographical spread of properties.

ContactFrank McLaughlin/Chris Bougen
Chapman Tripp
P O Box 993
WELLINGTON