Decision

Consent Granted
Section 13(1)(c) Overseas Investment Act 2005

Decision Maker

Overseas Investment Office

Decision Date

20 July 2018

Investment

An overseas investment in significant business assets, being the Applicant’s acquisition of a freehold interest in approximately 0.2 hectares of non-sensitive land (including building) at 125 Queen Street, Auckland (“Land”), with a consideration exceeding $100 million.

While containing a historical commercial building, the Land is not sensitive, because it is located in central Auckland and not adjoining foreshore, with a surveyed area for less than 0.4 hectares.

Consideration

$214,000,000

Applicant

NZRE Corgi Limited
United States Public (54.7%)
Switzerland Public (17.2%)
Netherlands Public (8.7%)
United Kingdom Public (5.3%)
Germany Public (5.3%)
Singapore Public (3.5%)
Hong Kong Public (3.4%)
Canada Public (1.0%)
Luxembourg Public (0.9%)

Vendor

Special Situations Assets Limited
United States Public (53.0%)
Australian Public (36.0%)
Canada Public (6.0%)
Various overseas persons (5.0%)

Background

The Applicant is a special purpose vehicle of the Invesco Real Estate Asia Fund (“Fund”).  Established in Luxemburg, the Fund invests in real estate and other permitted assets (i.e. office, industrial, retail and apartment sectors), mainly in the Asia Pacific region.  

The Investment involves the Applicant’s acquisition of a commercial office tower and a retail space, with approximately 26 tenancy arrangements in place, and vacant space still to be tenanted. The Applicant intends to continue running the building as a commercial property following the completion of the Investment.

The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment.

More information

Greg B Towers
Simpson Grierson
Private Bag 92518
Auckland 1141