Decision number200620017
Application number200620008
Date28 July 2006
Offeror/applicantAbacus Property Group
Ultimate applicant beneficial ownership100 percent - Australia, Australian Public
Beneficial overseas ownership 
- Asset current100 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Carlton Hotel (Auckland) Limited
80 percent - Hong Kong, Li (Dak Sum)
20 percent - Hong Kong, Li (Yip Yio Chin)
Business activitiesAccommodation - Hotel/Motel/Lodge
Details of land involvedNone
Regions involvedAuckland
Total consideration$107,038,398
Consent SoughtTo acquire property being to acquire the business and assets of the Carlton Hotel, Auckland.
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 Abacus Property Group (Abacus) proposes to acquire the business and assets of the Carlton Hotel in Auckland. Abacus is a stapled security listed on the Australian Stock Exchange consisting of Abacus Group Holdings Limited, Abacus Group Projects Limited, the Abacus Trust and the Abacus Income Trust. Abacus specialises in investing on property based assets and actively managing those assets to enhance income and capital growth. Abacus considers that the acquisition of the Carlton Hotel, together with its existing New Zealand business, will provide a substantial investment in New Zealand and complement its existing business assets.

ContactMatt Yates/Nick White
Quigg Partners
PO Box 3035
WELLINGTON