Decision number200710072
Application number200710062
Date21 June 2007
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)Sabina Limited
100 percent - New Zealand, Bell (Warren James) and Glasson (Timothy Charles) as trustees of the Glasson (Palms) Trust
Business activitiesProperty & Business Services - Property
Details of land involvedNone.
Regions involvedCanterbury
Total considerationCONFIDENTIAL
Consent soughtTo acquire property being acquisition of the Palms Shopping Centre, Shirley, Christchurch.
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) following a competitive tender process has been selected as the purchaser of the Palms Shopping Centre located in Shirley, Christchurch. The acquisition is consistent with ASCF's strategy to hold and acquire a pool of sector-specific investment grade retail assets.

ContactEd Crook/Jonathan Mitchell
Russell McVeagh
P O Box 8
AUCKLAND