Foreign investment in Aotearoa/New Zealand
Overseas Investment Office – August 2009 Decisions
Aussie Retirement Share Shuffle Forgets OIO Approval Is Required
In our April 2009 commentary I made the tongue in cheek suggestion that FKP’s receipt of OIO approval to consolidate their holding in Retirement Villages Group on April 1 might be considered an April Fools’ joke. Well it appears it was! In August the OIO gave three separate retrospective approvals with regard this complex change of ownership. Specifically it approved Retirement Villages Group Management Pty Limited Australia (76.63%), various (23.37%) purchase a further 0.14% of the shares of RVNZ Investments Limited which owns or controls: a freehold interest in 4.8 hectares of land at 1, 2 and 5 Longford Park Drive, Papakura, Auckland; and a freehold interest in 5.4 hectares of land at 1381 Dominion Road, Mt Roskill, Auckland; and a freehold interest in 1.88 hectares of land at 12-30 Edgewater Drive, Pakuranga, Auckland; and a freehold interest in 2.74 hectares of land at 33 Gloucester Road, Arataki, Mt Maunganui, Tauranga; and a freehold interest in 10.1 hectares of land at 66 Avonleigh Road, Green Bay, Waitakere City; and a freehold interest in 17.9 hectares of land at 1 Henley Way off Guilford Drive, Paraparaumu.
Approval was also received for an overseas investment in significant business assets, being the Applicant’s acquisition of rights or interests in 0.14% of the shares of RVNZ Investments Limited, the value of the assets of RVNZ Investments Limited and its 25% or more subsidiaries being greater than $100m. Macquarie Financial Products Management Limited Australia (53.26%), Various (46.74%) was then given approval to acquire 0.02% in the above, and thirdly FKP Limited Australia (93.7%), Various (6.3%) was then given approval to acquire 0.95% in the above.
The vendors in all three approvals were existing shareholders in RVNZ Investments Limited other than FKP Limited and Macquarie Group Limited Australia (91.24%), Netherlands (8.76%). Consideration was stated in the three cases as confidential. The OIO states that (in the three cases): “Retrospective consent is sought for each of the issue of shares in RVNZ Investments Limited to Retirement Villages Group Management Pty Limited, Macquarie Financial Products Management Limited and FKP Limited (together, the Applicants) which were inadvertently completed without obtaining prior OIO consent. The acquisition of stapled securities* by the Applicants have resulted in each of the Applicants, together with their associates, increasing an existing 25% or more ownership or control interest in RVNZI which: (a) owns or controls indirectly interests in sensitive land as defined in the Act; and (b) has, together with its subsidiaries, assets valued in excess of $100 million. The transactions were undertaken to strengthen the existing commitment of the Applicants to New Zealand and, more specifically, their commitment to, and investment in, RVNZ Investments Limited’s subsidiaries Metlifecare Limited and Private Life Care Holdings Limited”. With the complexity of this deal I am not surprised all parties involved have become somewhat confused. *Stapled securities are redeemable shares stapled to convertible debt notes. Ed.
FKP is one of Australia’s largest property companies, with a diversified business that includes developments, retirement villages, funds management, construction and land. Australia’s Macquarie Group specialises in buying up infrastructure on a global scale, with interests in 25 companies around the world. In New Zealand it has interests in one of the country’s largest aged care groups (including some formerly owned by churches), large commercial property holdings, and minority interests in many other companies. Internationally it owns four large airports (including Sydney’s Kingsford Smith, two in Rome – in the process of being sold – and in Birmingham and Bristol in the UK) and Thames Water in the UK.
See our April 2009 commentary regarding the April 1 approval and our October 2005 commentary regarding Macquarie’s and FKP’s purchase of Metlife retirement villages (via RVNZ) as well as December 2005 commentary regarding three further purchases of Auckland rest homes. Macquarie (via Retirement Care NZ) purchased Qualcare, “one of the largest aged care operators in New Zealand, with 976 rest home and hospital beds, and 462 independent living villas and apartments” in February 2008 (see our commentary February 2008).
Decision #s 200910074, 200910075, 200910076
Another Aussie Retirement Operator Plans Further Growth Here
Summerset Villages (Hamilton) Limited and Summerset Properties Limited Australia (97%), New Zealand (3%) received approval for the investment in sensitive land, being the acquisition of a freehold interest in 6.9 hectares of land at 206 Dixon Road, Rukuhia, Hamilton. The vendor was Generation Land Limited New Zealand (100%). Consideration was $3,712,500. Originally stated as confidential, this Decision was released on appeal on 17/2/10. The OIO states:
“The Summerset Group owns and operates a portfolio of 11 retirement villages situated throughout the North Island. In addition, one further village is currently being developed, and the Summerset Group owns three further properties which are land banked for further development. The Applicants propose to acquire the land situated at Rukuhia, Hamilton to establish a high quality retirement village. The proposed acquisition is part of the Applicant’s strategy to expand throughout New Zealand”. See our February 2006 commentary regarding AMP’s original purchase of Summerset and our March 2007 commentary regarding Summerset’s purchase of other retirement villages here, as well as our March 2009 commentary concerning AMP’s establishment of a joint venture with QPE Funds Management Pty Limited.
Decision # 200920003
And US “Grave Dancer” Buys Into Our Retirement Industry
Lifecare Residences International Limited New Zealand (63.2%), United States of America (33.07%), Australia (3.73%) received approval to acquire rights or interests in 100% of the shares of Sanctuary Residences Limited which owns or controls: a freehold interest in 2.98 hectares of land at 15-37 Natzka Road, Ostend, Anzac Bay, Waiheke Island, Auckland; and a freehold interest in 7.33 hectares of land at 67, 79 & 95 Gills Road, Albany, Auckland.
Consideration was $78,648,660; the vendor was Cook Retirement Village Group Ltd and Five Star Investments LLC New Zealand (54.2%), United States of America (45.8%). The OIO states: “On 26 June 2008, Five Star Developments LLC (Five Star) was granted consent to acquire up to 100% of the shares in Sanctuary Residences Limited (Sanctuary). Five Star currently owns 45.8% of Sanctuary with the balance owned by Cook Retirement Village Group Limited (Cook Retirement Village Group). Sanctuary is in the business of developing and operating luxury retirement homes in New Zealand, Australia and the United Kingdom. A global restructuring of the Renaissance Lifecare/Sanctuary Residences Group (Group), of which Sanctuary is a part, is currently being undertaken. The New Zealand part of the restructuring involves the Applicant indirectly acquiring all of the shares in Sanctuary from Five Star and Cook Retirement Village Group. The key objective of the restructuring is to combine the shareholdings of the United Kingdom company Renaissance Lifecare and Sanctuary into one common holding company, to allow for better integration of business goals, and more efficient use of resources”.
The Dominion Post 1/1/09 gives some back ground to this latest restructuring: “Metlifecare founder Cliff Cook is looking to build an international retirement village group with the help of an American nicknamed ‘the grave dancer’. Mr Cook’s Sanctuary Residences, which started operating in March, said yesterday Chicago-based real estate investment firm Equity International had taken a 24.9% stake. Sanctuary chief executive Richard Davis said Equity had also bought a similarly sized chunk of Renaissance Lifecare, a London-based retirement village operator in which Mr Cook is also the principal shareholder, for a combined $US75 million ($NZ97 million). Equity is an affiliate of Sam Zell’s Equity Group Investments. Mr Zell was chairman of Equity Office Properties, the biggest US landlord, which was sold to private equity firm the Blackstone Group for US$39 billion in February. Mr Zell was reported to have made more than $US130 million from his shares in the company.
“According to the New York Times, Mr Zell made his first fortune in the 1970s by buying distressed real estate and fixing it up, earning him the nickname ‘the grave dancer’. Mr Davis said Equity was a great company to be involved with because of its experience. The firm liked the potential of a global retirement village business. Sanctuary has a village on Waiheke Island and plans to build retirement villages around Auckland in Remuera, Albany and the North Shore, and at Remarkables Park in Queenstown. It expects to announce a joint venture next month to develop villages in Sydney and Melbourne. ‘We’ve basically started from March and are rapidly growing’, Mr Davis said. ‘We’re really aiming at five star facilities in high value locations’. Mr Davis, who was Metlifecare’s general manager of sales and marketing for 12 years, said Sanctuary could eventually be floated on the sharemarket. Mr Cook sold out of Metlifecare in 2005 when Macquarie Bank and FKP Property Group bought control”. Well, I know if I was a resident at one of these retirement villages, I would not be particularly happy about being cared for by the “grave dancer”! See our commentary for October 2005 for details on Cook’s sale of Metlifecare in 2005.
Decision # 200920002
Global Financial Meltdown Hits the Dutch
Ministry of Finance of the Netherlands (100%) has received two approvals for the investment in sensitive land, being the Applicant’s acquisition of rights or interests in 97.8% of the shares of Fortis Bank Nederland (Holding) NV, which owns or controls: a freehold interest in 50.6 hectares of land at Hamilton International Airport, RD2, Mystery Creek, Hamilton; and a freehold interest in 102.75 hectares of land at Montgomerie Farm, 105 Middle Rd and 188 Narrows Rd, Rukuhia; and a freehold interest in 15.67 hectares of land at 211, 233A-233B, 225 & 231 Porchester Rd, Takanini; and a freehold interest in 36.43 hectares of land at 75 Walters Rd, Takanini; and an overseas investment in significant business assets, being the Applicant’s acquisition of rights or interests in 97.8% of the shares of Fortis Bank Nederland (Holding) NV, the consideration of which exceeds $100m. Consideration for the global purchase is $32,533,175,326 ($1,243,581,000 being the total assets of ABN AMRO Group NZ Ltd). The vendor was Fortis SA/NV Netherlands (100%).
The second approval related to the above land, as well as: a leasehold interest in 18.82 hectares of land at Hamilton International Airport, RD2, Mystery Creek, Hamilton, and an overseas investment in significant business assets, being the Applicant’s acquisition of rights or interests in 33.8% of the shares of RFS Holdings BV, the consideration of which exceeds $100m. Consideration for the global purchase is $15,892,704,689 ($1,243,581,000 being the total assets of ABN AMRO Group NZ Ltd). The vendor was Fortis Bank Nederland (Holding) NV Netherlands (100%)
The OIO states in the case of both approvals: “To enhance the stability in the Dutch financial markets, the Dutch government announced in October 2008 a package of measures to address issues of liquidity and capital reinforcement. The acquisitions are one of the measures the Applicant has taken to enhance the stability in the Dutch financial markets. It was intended that this action would, amongst other things, safeguard the interests of workers, clients, account holders and businesses and also support the stability of the Dutch financial system. Fortis owns parts of ABN AMRO. The acquisition does not involve any change in the corporate form of the ABN AMRO New Zealand group”.
Does ABN Amro sound familiar? You may recall from our April 2009 commentary on the British bailout of the Royal Bank of Scotland (RBS) how a key factor in its demise was its’ purchase as part of a consortium of ABN Amro in 2007 for €71 billion (see our October 2007 commentary). Fortis was part of that consortium and now the Dutch taxpayers are paying. The ABN Amro takeover is now considered one of the biggest flops in corporate history! For those who are interested, John Lanchester’s excellent review “It’s Finished” in the London Review of Books (28/5/09) gives a thoroughly entertaining commentary on the Royal Bank of Scotland’s (and by extension – Fortis’s) demise.
Decision #s 200910105, 200910109
Singaporeans Consolidate Ownership Of Some Of Our Hotels
In two related decisions, Millennium & Copthorne Hotels New Zealand Limited Singapore (70.2%), New Zealand (15.3%), Various (10.2%), United Kingdom (4.3%) and CDL Hotels New Zealand Limited Singapore (70.2%), New Zealand (29.8%) both received approval to acquire rights or interests in (75% and 62.46% respectively) of the shares in CDL Investments New Zealand Limited which owns or controls: a freehold interest in 11.78 hectares of land at various addresses in the Nelson region; and a freehold interest in 21.62 hectares of land at various addresses in the Hastings District; and a freehold interest in 12.44 hectares of land at various addresses in the Otago region; and a freehold interest in 119.49 hectares of land at various addresses in the Canterbury region; and: a freehold interest in 59.74 hectares of landat various addresses in Hamilton City; and a freehold interest in 58.28 hectares of land at various addresses in the Auckland region; and a freehold interest in 2.13 hectares of land at various addresses in Tauranga City.
The vendor was us, the New Zealand Public New Zealand (100%). Consideration was stated as approximately $100 million and $76,213,000 respectively. The OIO states: “CDL Land New Zealand Limited, a wholly-owned subsidiary of CDL Investments Limited, owns sensitive land. CDL Land’s core business is the acquisition and development of undeveloped land and undertakes residential property developments in Auckland, Hamilton, Tauranga, Hawkes Bay, Nelson, Canterbury and Queenstown. Millennium & Copthorne Hotels New Zealand Limited (MCHNZ) seeks consent for its participation in the dividend reinvestment plan (the plan) for CDL Investments New Zealand Limited (CDL Investments). MCHNZ’s participation in the plan between 1998 and 2005 resulted in MCHNZ increasing its ownership in CDL Investments from 57.35% in March 1998 to 62.46% in April 2005. Furthermore consent is sort to acquire up to 75% of the shares of CDL Investments. MCHNZ’s participation in the plan between 25 August 2005 and 30 June 2008 resulted in MCHNZ increasing its ownership in CDL Investments from 62.46% in March 2005 to 65.16% as at 30 June 2008. MCHNZ’s participation in and proposed further participation in the plan reinforces MCHNZ’s investment in the New Zealand property sector. MCHNZ’s participation in the plan has enabled CDL Investments to continue to effectively finance and manage the various New Zealand property developments undertaken by CDL Land New Zealand Limited”. CDL Investments has been actively buying up properties here for subdivision over the past few years and has come before the OIO every year since the 1990s.
Decision #s 200720150, 200910016
I Can “Hear” The Aussie Cash Registers Ringing Again
National Hearing Care (New Zealand) Limited Australia (97.5%), New Zealand (2.5%) has received approval to buy 100% of the ordinary shares of Bay Audiology Limited, the consideration of which exceeds $100m, $158m actually. The vendors were existing shareholders of Bay Audiology Limited other than National Hearing Care (New Zealand) Limited New Zealand (65.0954%), Australia (34.9046%). The OIO states: “The Applicant is a wholly-owned subsidiary of Life Audiology Limited which operates 82 audiology clinics in Australia and through the Applicant a further 11 audiology clinics in New Zealand. All clinics offer a full range of hearing screening, diagnostic testing and prescribing and fitting of hearing aids for clients with hearing loss. The Applicant is committed to expanding hearing healthcare services throughout New Zealand and Australia as well as into Asian markets and has previously acquired three small audiology practices in Auckland, Hawkes Bay and Gisborne”.
Bay Audiology operates 64 clinics here in New Zealand. The major shareholder in Bay Audiology was Abano Healthcare group which previously had the Stewart family of Christchurch as a major shareholder. Abano, which is listed on the New Zealand Stock Exchange, is a specialist medical and healthcare organisation which was established in 1999. Abano operates in the audiology, dental, diagnostics and rehabilitation sectors. Abano’s operations extend across a range of residential, medical and community facilities throughout New Zealand and in Australia, offering high quality healthcare and medical services.
National Hearing Care is a company associated with Crescent Capital Partners, which had previously made an unsuccessful and acrimonious takeover offer for Abano in 2008. That failed when the Stewart family’s Masthead Portfolios sold its 19.9% stake in Abano to Healthcare Industries – a group of Bay of Plenty audiologists which also had a 30% stake in Abano division Bay Audiology. See our January 2008 commentary. Abano is to now take a 13% interest in the merged Bay/National audiology business on a 50:50 basis with Bay’s founder Peter Hutson. Clearly all is forgiven between Abano and Crescent.
Decision # 200920015
The ANZ/ING Saga Continues…
ING NZ AUT Investments Limited, Control Nominees Limited, ING (NZ) Holdings Limited, ING (NZ) Limited and ANZ National Bank Limited Australia (47.6%), United Kingdom (13.26%), United States of America (12.75%), Netherlands (10.2%), Luxembourg (5.1%), Various (3.77%), Belgium (3.57%), Switzerland (3.06%), New Zealand (0.68%) have received approval to acquire rights or interests in up to 100% of the units of the ING Diversified Yield Fund and the ING Regular Income Fund, the consideration of which exceeds $100m. Consideration was stated as $400 million, the vendors the many Kiwis which were tempted to buy into these funds by the ANZ. The OIO states:
“The redemption of units in two investment funds managed by ING NZ, the ING Diversified Yield Fund and the ING Regular Income Fund (Funds) was suspended by their trustee on 12 March 2008. ING NZ, through its wholly-owned subsidiary, ING AUT Investments Limited (ING NZ Investments) has recently made an offer to unit holders resident in New Zealand to acquire their units in the Funds. The Funds have been suspended for over a year and investors have been unable to access their funds and have had no certainty as to when they may be able to do so. The offer by ING NZ Investments is intended to provide a benefit to the unit holders by providing the unit holders certainty as to their financial position”.
This saga has been well critiqued by us over the past couple of years. As documented in the 2008 Roger Award, in which ANZ was a finalist: “The key charge against ANZ-National in 2008 was its reckless promotion to its banking customers of two investment funds run by its subsidiary ING NZ Ltd, which were then frozen, imprisoning $520 million of small investors’ money (Press, 29-30/3/08). The bank ducked responsibility on all fronts – for giving shonky advice, for misrepresenting ING as ‘low risk’, for failing to bail out its subsidiary to avoid the need to freeze funds, and for continuing to collect advisor fees during the freeze. While keeping the funds frozen, ING then announced a profit of $36 million (Press, 3/7/08). As a comprehensive case study of the rapacity and unconscionable behaviour at the expense of ordinary investors that have brought the reputation of Wall Street and its local clones to a new low, the ING saga stacks up well…. Only after the Banking Ombudsman became involved did ANZ-National begin paying off a few individual victims caught in the ING affair, ‘on a goodwill basis’. ‘Goodwill’ in this context seems to mean good public relations rather than any real relief for the majority of burned investors”. It seems that “goodwill” gesture has now been replaced by a $400m buyout. Ouch! ANZ went on to win the 2009 Roger Award, specifically because of the ING frozen funds scandal. The Judges’ Report can be read online here.
Decision # 200910141
US Property Developers Take Control Of Tui Farm Park
In two separate OIO approvals, d’Elia (Serge Max and Lillian Ching Shio Lai) United States of America (100%) has been consented to acquire a freehold interest in 13.21 hectares of land, together with an undivided 13/16 share in 297.76 hectares at Coleridge Road, Rakaia Gorge, Canterbury, known as Tui Creek for $5,625,000 from Tui Farm Park Limited New Zealand (100%). Secondly d’Elia received approval to acquire a freehold interest in 1.01 hectares together with undivided 1/16 share in 297.76 hectares at Coleridge Road, Rakaia Gorge, Canterbury, known as Tui Creek for $1,200,000 from David Alan Sutherland and Perpetual Trust Limited as Trustees of the DAS Family Trust New Zealand (100%) The OIO states:
“Tui Farm Park Limited (in Receivership) (TFPL) is the developer of the rural and lifestyle property situated at Coleridge Road, Rakaia Gorge, Canterbury, known as Tui Creek. TFPL has been placed into receivership and is not interested in marketing the property further. The Applicants are proposing to acquire the 13 unsold lots from TFPL and also acquire the one lot that was sold by TFPL to a New Zealand purchaser… The Applicants intend to complete their own home and also immediately complete at least one spec house to improve the current look of the development and to hopefully arouse interest in the other lots, which will be offered for sale. The Applicants also intend to develop a number of house and land packages where house plans will be provided with the sale of a lot “.
This approval comes nearly four years after d’Elia was originally given OIO approval to buy into this property (see September 2005). At the time the OIO stated: “The acquisition of the land (comprising two lots and an undivided 2/16th share in the Tui Farm park development) by the Applicant is part of a rural lifestyle subdivision development on Tui Creek known as Tui Farm Park. The establishment and sale of the lifestyle lots will provide capital that will enable the farming operation of Tui Creek to become economically viable, and also to preserve and enhance the conservation values of the property”. The land “includes/adjoins land that exceeds 0.4 hectares which is provided as a reserve, a public park, for recreation purposes, or a private open space”. Four years later and Tui Farm Park is in receivership, not exactly economically viable.
Decision #s 200910082, 200920010
Significant Queenstown Property Now Has Singaporean Owners
Brian Chang and Alice Pei Ru Lee Singapore (100%) received approval to acquire a freehold interest in 31.71 hectares of land at Jacks Point, Woolshed Road, State Highway 6, Queenstown. The vendor was Arith Holdings Limited New Zealand (100.0%), consideration was $24,312,029. The OIO states: “The Applicants intend to market and sell all but two of the individual Tablelands sections comprising the Land. The remaining two of the sections will be retained by the Applicants. It is also intended that the Applicants will complete some earthworks on some of the Tablelands sections for the purposes of establishing ponds or water features. Those ponds will improve the properties, enhance the visual amenity values of the Tablelands lots and increase the marketability and saleability of those lots and the Tablelands subdivision generally”.
As reported by Joanne Carroll in the Otago Daily Times on 1/10/09: “A $24 million sale to overseas investors has brought relief during a time of economic uncertainty for Jacks Point developer John Darby. Brian Chang and Alice Pei Ru Lee, of Singapore, have bought 14 lots (31.71ha) of the 36-lot Tablelands subdivision around the golf course, near Queenstown, in stage 2 of the $1 billion village development. Mr Darby said he welcomed the investment, which would help after the economic downturn. “It’s great. We’ve had considerable inquiries and increased sales activity at Jacks,” he said. Just four lots remained unsold at Tablelands, he said. The two families from Singapore would be building homes on two of the 2ha sections and using the rest as an “investment”, he said.
“The investment was made with the approval of the Overseas Investment Office. The Office’s decision says the pair intends to keep two of the sections and sell the rest. They will complete earthworks on some of the sections to create ponds and water features. ‘Those ponds will improve the properties, enhance the visual amenity values of the Tablelands lots and increase the marketability and saleability of those lots and the Tablelands subdivision generally’, it says. According to Forbes, Mr Chang (63) is the 37th richest person in Singapore, with a worth of $183 million. He is chairman of Yantai Raffles Shipyard Co Ltd. The pair were directors of Henley Downs Holdings Ltd, which owned 706ha of the land at Jacks Point but has since been removed from the New Zealand companies register…” . Given Mr Chang’s wealth, it comes as no surprise that he has been actively investing here before. See our commentaries for November 1996, December 2003, March and May 2004, and April 2005.
Decision # 200910136
Other August Decisions
Canres Limited Germany (100%) received approval to acquire a a freehold interest in 40 hectares of land at 228 Cottles Road, Summerhill, North Canterbury. Consideration was $960,000; the vendor was Paul Robert Latimer and Louise Marie Latimer New Zealand (100%). Canres intends to establish an outdoor recreational sports lodge on the site.
Decision # 200910108
Landplan Property Partners Manukau Limited as trustee of the Landplan Property Partners Manukau Trust United States of America (100%) received approval to acquire a freehold interest in 2.58 hectares of land at 69 McLaughlins Road, Wiri, Manukau City, South Auckland. Consideration was $5,797,125; the vendor was McLaughlins Road Properties Limited New Zealand (100%). The property concerned is adjacent to land already owned by Landplan, but apparently is not to be developed in the short term. See our June 2007 commentary for details of Landplan’s original purchase. Landplan is a wholly owned subsidiary of Reading New Zealand Limited (RNZ). RNZ is in the business of owning and operating cinemas and related real property interests in New Zealand. McLaughlins Road Properties Limited is owned by the Perry family trust, Tigusi Trust. The Perry Family was valued at $75 million on the 2009 NBR Rich List.
Decision # 200910120
Matai Pacific Limited United Kingdom (100%) received approval for an overseas investment in sensitive land, being the acquisition of a freehold interest in 38.09 hectares of land at 1458 Old Coach Road, Te Puke, Bay of Plenty. Consideration was $11,250,000, the vendor was Maketu Estates Limited New Zealand (100%). The land involved is a “golden” kiwifruit orchard, to be added to Matai Pacific’s existing portfolio of kiwifruit orchards. Matai Pacific Limited has purchased land here before. See our commentaries for December 2001, August 2005, March 2007 and November 2008. Those decisions show that Matai Pacific Limited is owned 75% by Walter Lennox Hannay, Christopher Michael Fleming and Mary Fern Taylor as trustees of the Lennox Hannay 1992 Trust, and 25% by Walter Lennox Hannay, all of the UK.
Decision # 200910142
Terry Van Dien and Nina Lauerman United States of America (100 %) received approval to acquire a freehold interest in 51.66 hectares of land at State Highway 3, Santoft, near Bulls. Consideration was $2,920,561; the vendor was Raymond Vincent Bishop and Lisa Grace Bishop New Zealand (100%). Raymond Vincent Bishop and Lisa Grace Bishop as trustees of the Sanserif Trust New Zealand (100%). The new American owners intend to use it their permanent residence.
Decision # 200920001
Patrick Charles Merry United Kingdom (100%) received approval to acquire a freehold interest in 8.66 hectares of land at 164 Mackenzies Road, Waipara, Hurunui, Canterbury to use as his new family home. Consideration was $697,500; the vendor was Roger Ferguson Gunn and Bronwen Christine Gunn New Zealand (100%)
Decision # 200920022
And finally for August, Bunnings Limited Australia (99.43%), New Zealand (0.36%), Various (0.21%) received approval to acquire a freehold interest in one hectare of land at 94 Cryers Road, East Tamaki, Auckland, on which to establish a trade service centre. Consideration was $3,993,750, the vendor was ING Properties Limited New Zealand (99.87%), Various (0.13%). Apparently this will be Bunnings’ first trade specific store in New Zealand, but it has 22 trade-only stores operating in Australia. See our previous commentaries for August and November 2006, and May 2009 for details of other land purchases here by Bunnings.
Decision # 200920006
Summary Statistics August 2009
Asset value
| August 2009 | Jan-Aug 2009 | Jan-Aug 2008 | |
|---|---|---|---|
| Number of approvals | 20 | 104 | 85 |
| Net Investment $ | 684,709,939 | 823,851,851 | 1,019,195,222 |
| Gross value of consideration | 709,117,164 | 7,393,662,959 | 5,114,638,600 |
| Asset Value | 2,639,588,000 | 18,049,477,444 | N/A |
Freehold land approved for sale
| August 2009 | Jan-Aug 2009 | Jan-Aug 2008 | |
|---|---|---|---|
| Number of approvals | 18 | 89 | 62 |
| Net land area (ha) | 1,231 | 14,896 | 6,959 |
| Gross land area (ha) | 1,911 | 201,042 | 26,436 |
Other interests in land approved for sale (for example leases and crown pastoral leases)
| August 2009 | Jan-Aug 2009 | Jan-Aug 2008 | |
|---|---|---|---|
| Number of approvals | 1 | 14 | 19 |
| Net land area (ha) | 0 | 916 | 14,374 |
| Gross land area (ha) | 19 | 90,712 | 25,800 |
Applications denied
| August 2009 | Jan-Aug 2009 | Jan-Aug 2008 | |
|---|---|---|---|
| Number of declines | 0 | 0 | 2 |
| Total proposed purchase price ($) | 0 | 0 | 4,631,767,507 |
| Total proposed area to be acquired (ha) | 0 | 0 | 3,096 |
Fishing Quota
As usual there was no fishing quota approved for sale this month.
Campaign Against Foreign Control of Aotearoa,
P.O. Box 2258
Christchurch.