DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Section 13(1)(b) Overseas Investment Act 2005
Section 13(1)(c) Overseas Investment Act 2005
Decision Date30 March 2017
Investment

An overseas investment in sensitive land, being its acquisition of a leasehold interest in approximately 16.5715 hectares of land for the purpose of constructing and maintaining four new schools.

An overseas investment in significant business assets, being the acquisition of leasehold rights where the consideration for such rights exceeds $100 million and the establishment of a business in New Zealand where the total expenditure required before commencing business exceeds $100 million.

ConsiderationLikely to exceed $100,000,000
ApplicantShapEd NZ Hold LP, ShapEd NZ Hold GP Limited, ShapEd NZ LP and ShapEd NZ GP Limited , collectively the ShapEd Consortium
Public Infrastructure Partners II LP, New Zealand (77.5%)
Pacific Partnerships, Australia (22.5%)
VendorMinistry of Education
New Zealand Government, New Zealand (100%)
Background

The Applicant is acquiring a leasehold interest in approximately 16.5715 hectares of land for the purpose of constructing and maintaining four new schools under the New Zealand Schools PPP number 3 Project.

The Applicant was chosen by the Ministry of Education as the preferred bidder to undertake the project. The project will be undertaken through a public private partnership whereby the Applicant will be required to:

  • design, contract and finance six new schools (four of the schools would be located on sensitive land) throughout New Zealand; and
  • once the school is completed, manage and maintain the schools for a 25 year term.

Consent is required because Pacific Partnerships will have the power to appoint 1 out of 4 directors in the Applicant and have control rights in relation to the Applicant in excess of a 25% ownership interest.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(c) – Affect image, trade or international relations
28(f) – Advance significant Government policy or strategy
28(j) – Oversight and participation by New Zealanders

More informationChris Bargery
Anderson Lloyd
P O Box 399
Shortland Street
Auckland 1140