Decision number200710067
Application number200710068
Date8 June 2007
Offeror/applicantSIGL Properties Limited
Ultimate applicant beneficial ownership57.46 percent - Australia, Australian Public
37.79 percent - Australia, Allco Finance Group
4.75 percent - New Zealand, New Zealand Public
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed95.25 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Truman Investment Trust Limited
100 percent - New Zealand, New Zealand Public
Business activitiesProperty & Business Services - Property
Details of land involved0.794 hectares of leasehold situated at Levels 1 and 2, Shed 22, 147 Quay Street, Princes Wharf, Auckland being CTs NA133D/746, 222922, 222923 and NA133D/747 (North Auckland Registry).
Regions involvedAuckland
Total considerationCONFIDENTIAL
Consent sought

To acquire:

  1. an interest in land which, either alone or together with any associated land of that type, is or includes the foreshore or seabed; and
  2. an interest in land which, either alone or together with any associated land, exceeds 0.2 hectares and adjoins the foreshore.
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.

SIGL Properties Limited, a wholly- owned subsidiary of Strategic Investment Group Limited (SIGL) proposes to acquire a leasehold interest in the land. SIGL currently has a sub- lease of the land for a period of less than three years with no rights of renewal. SIGL is considering its future strategy in relation to the long- term accommodation of its operations and staff. SIGL Properties Limited proposes to either acquire the sub- lessor's interest in the land (which is for a term exceeding three years) or vary its existing lease by providing two further rights of renewal of three years each. SIGL advises that the proposed acquisition will provide certainty of tenure for SIGL for its office premises.

The proposed transaction will provide continued stability for the Applicant's business resulting in greater efficiencies for the Applicant to provide enhanced domestic services in the New Zealand financial services sector.

ContactDavid Chapman-Smith
Bell Gully
P O Box 4199
AUCKLAND