April 1997 decisions

April 1997 decisions

Britomart Group consortium buys historic central Auckland land from Council

Auckland’s controversial Britomart project resurfaces with the Britomart Group consortium being given approval to acquire 3.46 hectares of land in 25 parcels in the heart of Auckland’s Central Business District from the Auckland City Council for “approximately $56 million“. The land “includes land subject to a heritage order under the Historic Places Act 1993”. The Group, which was established to carry out the “Britomart project”, is “ultimately owned by various consortiums from Malaysia, Singapore, Thailand, Japan, Australia and New Zealand“. It comprises Pacific Capital Assets Limited, Britomart Properties Limited, Britomart Developments Limited and Britomart Investments Limited.

Computershare of Australia buys Registry Managers, share register

Computershare Ltd, a company registered in Australia but listed on both the Australia and New Zealand Stock Exchanges, has approval to buy Registry Managers (New Zealand) Ltd for $19,500,000.

“Computershare Limited is a software house specialising in share registry operations (the maintenance of company share registers) and the provisions of computer bureau services. Computershare Limited see the acquisition as an extension of its existing world wide share registration system. Furthermore it is stated the acquisition will enable an electronic linkage of Australian and United Kingdom listed companies and/or subsidiaries in New Zealand. … Computershare are a market leader in their specialist field… “

Registry Managers previous current shareholders were “R.M. Holdings Limited (a subsidiary of Sydney Bridge Nominees Limited operated by KPMG Auckland), Strauss Holdings Limited (which is ultimately owned by Ernst & Young Registry Services Pty Limited) and Perry Investment Trust (a trust for the benefit of the Perry Family of New Zealand)”.

CBD NZ buys Gosling Chapman Centre and DDB Pinnacle, Auckland

CBD New Zealand Ltd, owned by Westpac Banking Corporation of Australia, and New Zealand Guardian Trust Company Ltd (in turned owned by Guinness Peat subsidiary, Tyndall Australia), has approval to acquire the Gosling Chapman Centre, 63 Albert Street, Auckland for $16,125,000, and the DDB Pinnacle, 80 Greys Avenue, Auckland, for $10,070,000.

The Gosling Chapman Centre was owned by National Mutual Superannuation Master Trustee Ltd, a subsidiary of The National Mutual Life Association of Australasia Ltd, which is ultimately 51% owned by AXA of France which, with its recent merger with fellow French insurance company, UAP, has become the second largest insurer in the world (Press, 20/5/97, “Nat Mut parent to deal in China”, p.28; 3/6/97, “NatMut’s parent’s rating lowered”, p.35).

The DDB Pinnacle was owned by Grand Central (NZ) Ltd, a subsidiary of Hotel Grand Central Ltd of Singapore. Grand Central is part owner of the James Cook Hotel in Wellington (with the Government of the State of Johor Malaysia through its investment arm, the State Economic Corporation), Plimmer City Centre, Wellington, the Central Tower and Cashel Street Car Parking Buildings, Christchurch, the Grand Central Building in Manners Mall, Wellington, the DB Tower, Auckland, and the Auckland Airport Hotel in Manukau City.

In January 1997 we reported that CBD had approval to acquire the Jetset Centre, 48 Emily Place, Auckland, for $12,500,000 from Aral Property Holdings Ltd of Singapore and Hong Kong. In all cases, the properties will be managed by CBD New Zealand Management Ltd. “CBD New Zealand Ltd has been established to target investment in quality commercial properties in Auckland, Wellington and Christchurch.”

Singaporeans buy Kaiapoi land adjoining historic place, for cattle breeding

W. H. Holdings Ltd (WHH), whose directors and ultimate owners are Mr Wong Chun Win and Mr Hoon Bee Teck of Singapore, has approval to acquire four hectares of land at 175 Main North Road, Kaiapoi, Canterbury for $485,000 from Ambreed N.Z. Ltd. The land adjoins “a dwelling (The Cream House) entered on the New Zealand Historic Places Trust Register (3741)”.

“It is intended that WHH will lease the property which contains four buildings, housing reception and office facilities and facilities for the collection, storage and distribution of semen to XCell Breeding Services Limited, who will operate the property as a breeding centre… the property would be available for use by WHH and the joint venture that WHH intends to establish with Mr T. Wilding, principal of Te Mania Angus Stud – one of New Zealand’s largest and most successful cattle breeding operations and the largest supplier of Angus bulls to the South Island. In addition, it is stated that through the use of the breeding centre located on the property, the joint venture will be able to operate a complete breeding package of a stud together with collection, storage and distribution facilities for semen.”

Retrospective approval to Morgan & Banks for share of local namesake

Between April 1995 and August 1996, Morgan & Banks Ltd of Australia, through its subsidiary Maldon Holdings Ltd, acquired 35.47% of the shares of Morgan & Banks Ltd of Aotearoa, for $2,119,125 without the required approvals. It has been given retrospective approval for the purchase. Morgan & Banks provide “human resource services” in Auckland and Wellington.

CBA bank buys Leaseway Transportation Ltd

The Commonwealth Bank of Australia (CBA) has approval to acquire Leaseway Transportation Ltd from Australasian Holdings Ltd for an amount orginally suppressed but released in August 1997: A$14,462,488.

“It is stated that CBA is Australia’s largest retail bank, providing a full range of personal lending and deposit products to over 6 million customers… CBA advises that the acquisition of Leaseway will enable it to maintain and enhance the management services currently provided by Leaseway Australia to their existing customer base.”

Korean company buys five ha. in Manukau City for factory/warehouse

Kiwi NZ Properties Ltd, owned 64% by Sungkyong Ltd of Korea, and 36% by Michael Carajannis and David Bartlet of Aotearoa, has approval to acquire five hectares of land at 189 Roscommon Road, Manukau City, Auckland from Diesel Propulsion (NZ) Ltd for $2,295,000. The stated intention is “to build a factory/warehouse/office complex on the property enabling the ability to enhance their current business operations in New Zealand.”

U.S./China consortium increases interest in Richina Pacific by 10.73%

The former Mainzeal Group is now called Richina Pacific Ltd after the main company in the consortium controlling it, which until this decision had a 56.27% ownership. The consortium may now increase that by 10.73% for a price “to be advised”. “The increased shareholding is a result of a private placement and the underwriting of a rights issue by The Consortium which will assist in financing the construction and operation of an aquarium in Beijing.”

The Consortium “comprises from time to time Richina Enterprise Holdings Limited, which is ultimately owned by Richina Equity Trust I of China, Anaconda Partners L.P., which is ultimately owned by Junction Advisors Incorporated of the U.S.A., Chemical Asian Equity Associates L.P., which is a limited partnership of which Chemical Banking Corporation of the U.S.A. is a partner, R. E. Rainwater, Ziff Investors Partnership L.P. II, T F Frist II, W R Frist, P C Frist, and E. Metz, all of the U.S.A., J.M.R. Syme of New Zealand, W.A. Caughey of New Zealand and T.J. O’Boyle of New Zealand.” It appears unchanged since September 1996 when the consortium, which then owned 50.95% of Mainzeal Group Ltd, gained approval to increase its shareholding by another 5.32% for “approximately” $15.41 million.

Universal Homes of Singapore buys more land in Auckland for subdivision

Universal Homes Ltd of Singapore has approval to buy two one hectare blocks of land in Blanes Road, Weymouth, South Auckland for housing development. One block is being purchased from Polyhedron Projects Ltd for $337,500, the other from Coralie Sue Murphy for $480,000. “Universal Homes is a predominant player in the Auckland housing market. The land, the subject of this application is adjacent to a development project currently being undertaken by Universal Homes, known as ‘Waimahia Road’.” In the second case, approximately 0.1249 hectares will be transferred back to Ms Murphy following subdivision. In September 1996, we reported that:

“Universal Homes Ltd, which is owned by HTP Holdings Ltd of Singapore has approval to acquire just under three hectares of land in Guys Road, East Tamaki, South Auckland for $1,030,000 for residential subdivision and construction. The land adjoins 15 hectares the company already owns, and six hectares designated for reserve purposes which is being acquired by the Manukau City Council. The company is ‘a predominant player in the Auckland housing market and is continually searching for land for residential development’. The land will be developed into 35 sections over the next 18 months to two years, building houses in the ‘mid-cost market bracket’. In March 1996, the same company was given approval to buy nine hectares of land at Weymouth, Manurewa, Auckland for $3,320,000 for the same purpose, creating 100 sections. HTP was then described as ‘HIP Holdings Ltd, a Singapore public listed company which is 27% owned by The Peoples Republic of China’.”

In July 1996, Universal Homes acquired SBSA Mortgage Investments Ltd, which is engaged in mortgage financing, for $100.

Wilbow Corporation buys four hectares for subdivision at Tauranga

Wilbow Corporation (NZ) Ltd which is owned by the Bowness Family Investment Trust, the beneficiciaries of which are William Donald Bowness, and Maxine Rose Bowness of Australia, has approval to acquire four hectares of land for $600,000 (an amount originally suppressed but released on appeal in August 1997), at Te Papa, Tauranga for residential subdivision:

“Wilbow has extensive experience in the residential property development sector (which to date involves a number of properties in the Auckland area)… Wilbow propose to undertake a residential subdivision development on the land.”

Milburn buys further 18 hectares from Crown for Auckland quarry

Milburn New Zealand Ltd which is “approximately 72%” owned by Holderbank Financiere Glaris Ltd of Switzerland, has approval to buy 18 hectares of land in the “Maungatawhiri Parish“, Auckland, from “Her Majesty the Queen” (presumably the Crown) for $285,000. It will be used for a new access road to its existing quarry of approximately 308 hectares.

Land for forestry

• Craigpine Timber has approval to acquire forestry, cutting and harvesting rights over 19 hectares of land in Southland for “approximately $88,000“. Craigpine is owned 50.5% by Bowker Holdings No. 14 Ltd which is owned by members of the Black Family who are resident in the U.K. and Australia. The other 49.5% is owned by Donaghy’s Ltd, a New Zealand listed public company. Craigpine, which was established in 1923, has a sawmill at Winton, Southland, and the purchase extends Craigpine’s existing forestry activities in Southland. We previously reported purchases by Craigpine in February 1997 when we recorded that it had an approval to acquire forestry, cutting and harvesting rights over two blocks of land in Southland, one of 38 hectares for “approximately” $140,000, and the second 185 hectares for “approximately” $200,000. The Black family and Craigpine also own farms and a sawmill in Canterbury.

Other rural land sales

• A resident of Malaysia, Mr Chan Pong Lam, who has New Zealand permanent residency status, has approval to acquire five hectares of land for residential subdivision at Whitemans Road, Kawakawa, Northland for $46,000. “It is envisaged that the property will be divided into approximately 46 residential sections aimed at the medium cost housing market.”
• Joan Elizabeth Roth of Canada and W. E. Roth Construction Ltd of Canada, which is owned by William Roth, are buying a 90% interest in the 776 hectare Caledonian Station, Flat Point Road, Flat Point, Carterton, Wairarapa, for $900,000. The other 10% will be owned by their daughter and son in law in Aotearoa who will manage the farm. “The applicants intend to invest significant capital in the property by improving the productivity of the farm and developing forestry and farmstay ventures.” It appears to be used currently for sheep and beef farming.
• A resident of Japan, Dr Etsuro Yamanishi, who “is a man of considerable wealth” and owns hospitals around Osaka, has approval to buy “approximately 998 hectares” of land on Woodbank Road, approximately five kilometres from Hanmer Springs, North Canterbury, for beef farming, for $2,550,000.

“It is Dr Yamanishi’s intention to acquire the property for the purpose of establishing a feedlot and raising beef cattle for processing and export for utilisation in the hospitals Dr Yamanishi owns around Osaka, (approximately 10,000 meals per day). In addition, the Commission is advised Dr Yamanishi proposes to introduce Waghuu semen to the farming unit for breeding purposes. It is stated Waghuu is the main Japanese cattle breed. For the purposes of the breeding programme the services and expertise of a veterinary surgeon will be engaged to oversee the programme.”

• Tegel Foods Ltd, a Heinz-Wattie Ltd subsidiary (owned by the Heinz Group of the U.S.A.), has sold 46 hectares of land at Leeston, Canterbury to a company, Gallina, owned by its Pensions Plan and is leasing it back for $350,000 a year until 31 March 2002. The “primary business activities” of Tegel, which is reportedly up for sale,

“include the breeding, rearing, growing and processing of chicken and chicken based products. Furthermore, Tegel owns outright various sites throughout New Zealand from which it undertakes its diverse business operations… the land, the subject of this application, is currently owned by Tegel. Tegel have entered into a contractual agreement with Gallina to sell and then lease back the land …, enabling Tegel to continue its business activities. The transaction represents a financial arrangement which enables Tegel to free up capital which Tegel states can be better utilised in pursuing its core business activities, i.e. the breeding, rearing and processing of chicken and chicken based products.”