Decision number200620039
Application number200620042
Date15 September 2006
Offeror/applicantAMP Capital Investors Limited as responsible entity for the AMP Shopping Centre Fund
Ultimate applicant beneficial ownership100 percent - Australia, Australian Public
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Tower Property Nominees Limited as trustee for the Tower Property Fund
100 percent - New Zealand, New Zealand Public
Business activitiesProperty & Business Services - Property
Details of land involvedNone
Regions involvedBay of Plenty/Coromandel
Total consideration$121,500,000
Consent soughtTo acquire a 50% interest in the Bayfair Shopping Centre, Mt Maunganui, Tauranga.
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 AMP Shopping Centre Fund (ASCF) has entered into a competitive tender process in relation to acquiring a 50 percent interest in the Bayfair Shopping Centre and adjoining development/expansion properties situated at Mount Maunganui, Tauranga from Tower Property Nominees Limited. The proposed acquisition will be ASCF's first New Zealand acquisition providing ASCF an opportunity to geographically diversify its property portfolio.

ContactEd Crook/Edward Dunphy
Russell McVeagh
P O Box 8
AUCKLAND