DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision Date7 December 2017
Investment

CPPIB US RE-3, Inc to acquire up to 50% of the securities in PSPIB Waiheke Inc, being an investment in significant business assets and sensitive land, which is a freehold interest in approximately:

  • 15.1673 hectares of land at Redwood, Christchurch;
  • 2.0253 hectares of land at Centre City, New Plymouth;
  • 17.6074 hectares of land at Botany Town Centre; and
  • 8.9562 hectares of land at Nelson Junction Shopping Centre.
Consideration$230,000,000
ApplicantCPPIB US RE-3, Inc
Canada Pension Plan Investment Board, Canada (100.0%)
VendorPublic Sector Pension Investment Board
Canadian Government (100.0%)
Background

The Applicant is a Canadian based pension fund that specialises in long term real estate investments globally.

The Vendor will continue to own a 50% interest in the shares of PSPIB Waiheke Inc.

The investment is likely to result in the following benefits to New Zealand:

  • Consequential benefits of providing additional equity funding for future developments of the PSPIB Waiheke Inc's portfolio in New Zealand; and
  • Advancing significant government policy and strategy.
More informationMatthew Carroll
Chapman Tripp
PO Box 2206
AUCKLAND 1140