|Date||27 July 2007|
|Offeror/applicant||AMP Napier No.1 Limited|
|Ultimate applicant beneficial ownership||51.61 percent - New Zealand, New Zealand Public|
48.39 percent - Australia, Australian Public
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||48.39 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||East Hills (2001) Limited|
100 percent - New Zealand, Logan (Gerard Joseph), McLeod (Stella Pamela) and Throp (Graham Hunter) as trustees of the East Links Trust
|Business activities||Property & Business Services - Property|
|Details of land involved||49.3251 hectares of freehold situated at Esk View Road and Heipipi Drive, Napier being 147573, 147574, 147575, 147580, 147581, 47585, 170607, 170608, 170610, 170611, 170615, 170616, 170619, 170620, 216367 and 170623 (Hawkes Bay Registry).|
|Regions involved||Gisborne/Hawkes Bay|
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.
AMP Capital Investors (New Zealand) Limited (AMP Capital) proposes to enter into a joint venture with two New Zealand companies to develop land in the Hawkes Bay. AMP Capital will participate in the Joint Venture through an investment fund under its control, known as AMP Private Equity Real Estate Fund II (APEREF). The Applicant is a wholly-owned subsidiary of APEREF.
The Joint Venture proposes to subdivide and develop the land, ultimately selling the developed sections on the open market as lifestyle blocks. The proposed investment is likely to provide additional equity funding to assist in the development of the land and satisfy the Applicants' investors demand for an increasingly diverse range of assets
The proposal is likely to result in the following benefits:
|Matthew Whimp/Andrew Hudson|
PO Box 10035