DecisionConsent granted
Section 13(1)(c) Overseas Investment Act 2005
Decision Date24 May 2017
InvestmentAn overseas investment in significant business assets, being the acquisition of a freehold interest in approximately 0.218 hectares of land situated at 46 Sales Street, Auckland (“Land”), the consideration of which exceeds $100 million.
Consideration$114,531,968
ApplicantCC Hera Trust Pte. Ltd.
Netherlands Public (16.17%)
Switzerland Public (16.1688%)
Germany Public (14.52%)
United Kingdom Public (9.8074%)
United States Public (9.6978%)
Denmark Public (9.6978%)
Azerbaijan Public (9.5832%)
Luxembourg Public (9.3143%)
Various, Various (5.0407%)
VendorMansons Properties (Parnell) Limited
New Zealand (100%)
Background

The Applicant is acquiring the Land as a commercial property investment. While the Land is not “sensitive land”, consent is required as the consideration exceeds $100 million.  

The Applicant is part of the PAG group (“PAG”). PAG is as an alternative investment management firm, focusing its investment activities along three core strategies; private equity, real estate and absolute return.

The Vendor is currently constructing an office building on the Land and is in the process of negotiation leases with office tenants who will take occupation once the building has been completed.

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

More informationAndrew Petersen/Elena Chang
Bell Gully
PO Box 4199
AUCKLAND 1140