Decision 200610029 - Macquarie Goodman Nominee (NZ) Limited and/or Macquarie Goodman Holdings (NZ) Limited

Decision number200610029
Application number200610021
Date14 March 2006
Offeror/applicantMacquarie Goodman Nominee (NZ) Limited
69.74 percent - New Zealand, New Zealand Public
25.29 percent - Australia, Australian Public
2.5 percent - Australia, Macquarie Bank Limited
2.35 percent - New Zealand, Goodman Holdings
0.12 percent - Various, Various overseas persons
Ultimate applicant beneficial ownership100 percent - Australia, Allco Principals Trust
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed39.905 percent
Offeree(s)/seller(s)Existing shareholders of Balmon Holdings Limited
50 percent - New Zealand, McDonald (Kevin Patrick) and Rathbun (Gregory Noel) as trustees of the Eamon Trust
50 percent - New Zealand, MacDonald (Ronald John) and Rathbun (Gregory Noel) as trustees of the Balfour Trust
Business activitiesProperty and Business Services - Property
Details of land involved1.0215 hectares of leasehold situated at Viaduct Harbour Avenue, Auckland being CTs 57643 and 107246 (North Auckland Registry).
Regions involvedAuckland
Total consideration$44,700,000
Consent soughtTo acquire up to 50 percent of the securities of Balmon Holdings 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 is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant has entered into an agreement to acquire 50 percent of the shares in Balmon Holdings Limited (Balmon). Subsidiary companies of the Balmon group have leasehold interests in the subject land known as the Viaduct Corporate Centre. Balmon, in conjunction with Viaduct Harbour Holdings Limited (who own the freehold title to the land), is in the process of undertaking a subdivision of the land. The land is used as commercial office space.

The acquisition is consistent with the Macquarie Goodman Group's/Macquarie Goodman Property Trust’s strategies of owning welllocated, good quality commercial property and the continued expansion by the Macquarie Goodman Group/ Macquarie Goodman Property Trust into New Zealand across the spectrum of its investment, development, and management business.

The proposal is likely to result in the following benefits:

  1. enhanced domestic services for commercial property tenants.
ContactPip England/Olivia Sheaf
Chapman Tripp
P O Box 2206
AUCKLAND