DecisionConsent granted
Section 13(1)(c) Overseas Investment Act 2005
Decision date20 July 2011
InvestmentAn overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being the New Zealand residential mortgage portfolio of GE Custodians.
ConsiderationCONFIDENTIAL
ApplicantPepper Australia Pty Limited (Pepper)
Seumas Dawes, Australia (69.1999%)
IRG TMT Asia Fund, Cayman Islands (10.43%)
Jonathan Laredo, United Kingdom (10.43%)
Steven Simpson, Singapore (5.22%)
Aladdin Capital Management UK LLP, United Kingdom (1.94%)
Mark Attmore, United Kingdom (1.74%)
Mike Culhane, Australia (1.04%)
Australian Public (0.0001%)
VendorGE Custodians
General Electric Company, United States of America (100.0%)
Background

The acquisition of GE Custodians’ residential mortgage portfolio will help grow Pepper's business in home lending and to expand its business operations into the New Zealand residential mortgage market.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

More informationDaniel Croft
Russell McVeagh
PO Box 10-214
WELLINGTON