DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date30 May 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of:
  • a freehold interest in approximately 17.1904 hectares of land at 259 James Fletcher Drive, Otahuhu, Auckland; and
  • a freehold interest in approximately 8400 square metres of land at 193 James Fletcher Drive, Auckland via a land swap.
Consideration$59,520,136
ApplicantToll Networks (NZ) Limited
Government of Japan (100%)
VendorPacific Steel (NZ) Limited
Australian Public (54.94%)
Various overseas persons (20.35%)
United States Public (16.05%)
United Kingdom Public (8.66%)
Fletcher Steel Limited
New Zealand Public (27.54%)
Various overseas persons (19.28%)
Australian Public (19.21%)
North American Public (18.29%)
United Kingdom Public (6.54%)
European Public (5.13%)
Asian Public (4.01%)
Background

The Applicant is a large freight forwarding and logistics company. It intends to construct a new freight forwarding facility on the land with access to the KiwiRail network. This will allow it to centralise its operations in Auckland.

The overseas investment is likely to result in the introduction of substantial capital for the development of the new facility, employment opportunities in the construction of the new facility and increased efficiency in freight handling and the Applicant’s business operations in Auckland.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Jobs
17(2)(a)(iv) – Greater efficiency or productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(e) – Previous investments

More informationGreg Allen
Simpson Grierson
Private Bag 92518
AUCKLAND 1141