Decision number200710075
Application number200710097
Date28 June 2007
Offeror/applicantHIH Global Invest GmbH
Ultimate applicant beneficial ownership80 percent - Germany, Olearius and Warburg families
20 percent - Germany, German Investors
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Manson Buildings Limited
100 percent - New Zealand, Manson (Edward Colin)
Business activitiesProperty & Business Services - Property
Details of land involvedNone.
Regions involvedAuckland
Total consideration$156,375,000
Consent soughtTo acquire property being two leasehold properties being the GE Building at 8 Tangihua Street, Auckland CBD, and the BNZ Building at 30 Mahuhu Crescent, Auckland CBD, from Manson Buildings Limited.
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.

Background:
HIH Global Invest GmbH (the Applicant) seeks to acquire business assets that comprise of two leasehold interests in properties in Auckland through a "Special Purpose Vehicle" (HIH New Zealand), incorporated for the purpose of raising a closed ended real estate fund for private investors. The term "closed ended funds" refers to the fact that, once the fund is fully subscribed, the investors and the assets do not change.

Rationale for Proposed Development:
The acquisition of the buildings and the fundraising of a closed ended real estate fund in New Zealand is consistent with the Applicant's key business strategy of selecting premium property investments for funds managed by HIH Global Invest.

ContactSusie Kilty
Buddle Findlay
P O Box 2694
WELLINGTON