Decision
 
Consent granted
Section 13(1)(c) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date27 September 2018
InvestmentAn overseas investment in significant business assets, being the Applicant’s acquisition of an undivided half share freehold interest in non-sensitive land (including a building) at the ANZ Centre, 23 Albert Street, Auckland. The other half share freehold interest in the land will be retained by the Vendor.
Consideration$181,000,000
ApplicantNZRE Swan Limited
North American Public (52.0%)
Switzerland Public (20.0%)
Asian Public (9.0%)
Luxembourg Public (8.0%)
Netherlands Public (7.0%)
Germany Public (4.0%)
VendorPrecinct Properties Holdings Limited
New Zealand Public (70.3%)
United Arab Emirates Public (19.35%)
Various overseas persons (10.35%)
Background

The Applicant is a special purpose vehicle of the Invesco Real Estate Asia Fund (“Fund”).  Established in Luxemburg, the Fund invests and manages a portfolio of real estate assets in the Asia Pacific Region.

The Investment involves the Applicant’s acquisition of a half share freehold interest in a commercial office tower and ground floor cafe space including an outdoor kiosk cafe. There are tenancy arrangements in place (for the office space, the cafes and car parks).

The sale of a half share freehold interest in the land is in line with the Vendor's business strategy and will allow the Vendor to recycle its capital into higher yielding development opportunities. The Vendor and the Applicant will continue running the building together 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 informationGreg B Towers
Simpson Grierson
Private Bag 92518
AUCKLAND 1141