|Date||25 May 2007|
|Offeror/applicant||Westpac (NZ) Investments Limited and Westpac New Zealand Limited|
|Ultimate applicant beneficial ownership||100 percent - Australia, Westpac Banking Corporation|
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Britomart Charter Company, Britomart Customs Company, Britomart East 1 Company and Britomart East 2 Company|
100 percent - New Zealand, Whitecloud Britomart Limited
|Business activities||Property & Business Services - Business|
|Details of land involved||1.6032 hectares of leasehold situated at 36-58 Customs Street East, 52-70 Galway Street, 47-69 Tyler Street, 11 Britomart Place and 76-88 Quay Street, Auckland being CTs 69082, 162945 and 101258 (North Auckland Registry).|
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.
Westpac (NZ) Investments Limited and Westpac New Zealand Limited (jointly Westpac) intend to enter into leases (for a period of 10-12 years) of certain buildings yet to be constructed/completed on the subject land. The buildings will provide a new central office in Auckland City for Westpac creating an opportunity to bring together Westpac's employees from around Auckland (and other parts of New Zealand) into a single central office, increasing business unity and efficiency and creating a presence for Westpac in downtown Auckland.
The proposal is likely to result in the following benefits:
Minter Ellison Rudd Watts
PO Box 3798