September 2007 decisionsBrookfield Asset Management of Canada buys Multiplex for A$4.2 billion Dominion Property Funds sets up $250 million Australian fund to buy property Wesfarmers buys Coles – gets Kmart in Aotearoa Transpacific gets rest of Canterbury Waste Services and Dunedin landfill AMP/Perpetual Trust buy Lion Nathan’s Khyber Pass site for redevelopment Abacus Property of Australia may buy Unitel hostels including Queenstown Contact Energy buys Wairakei land for Te Mihi power station from Landcorp Toll Australia fails to buy out other shareholders in Toll New Zealand CDL Land buys four blocks of land in Mairehau, Christchurch for subdivision Retrospective approval for Mobil to lease foreshore land from Tauranga Council Fosters selling wine interests – Archer Capital of Australia gets approval Australian company buys 1,462 hectare Orere Point farm for $14.8m US buyer for lifestyle property at Hahei, Coromandel British couple buy Banks Peninsula lifstyle property for energy efficient house U.K. agricultural contractor acquires Northland farm
Brookfield Asset Management of Canada buys Multiplex for A$4.2 billionBrookfield Asset Management Inc., owned 81.96% in Canada, 18.01% in the U.S.A. and 0.03% by “various overseas persons”, has approval to acquire the Multiplex Group of Australia and a 50% interest in “Pegasus Town” development consisting of 401 hectares at Main North Road, Woodend, 5-7 Preeces Road, Gladstone Road and Kaiapohia Road, Kaiapoi, Canterbury, plus other land including 17 hectares in Auckland at 9 Corinthian Drive, Albany; 271 Richmond Road, Grey Lynn; 5-7 City Road; 76, 80, 120 Favona Road, Mangere; and 1-15 The Avenue, Lynfield.
The price is “up to A$4,228,881,034 for 100% of the stapled securities of the Multiplex Group under a takeover offer for the Multiplex Group, which has assets in Australia, New Zealand, the United Kingdom and the Middle East.”
According to the OIO,
Brookfield Asset Management Inc. (Brookfield) proposes to make an offer, through a wholly-owned subsidiary, to acquire all of the Multiplex Group stapled securities listed on the Australian Stock Exchange. Each stapled security comprises one share in Multiplex Limited and one unit in the Multiplex Property Trust. The proposed takeover offer will be an all-cash, off-market takeover offer made in accordance with Chapter 6 of the Australian Corporations Act 2001.
The principal business activities of the Multiplex Group involve the development, management and construction of commercial and retail properties throughout Australia, New Zealand, the United Kingdom and the Middle East. In respect of its New Zealand operations, Multiplex has 17 wholly-owned subsidiaries which conduct various funds management, property development and facilities management activities in New Zealand. The proposed transaction will involve Brookfield acquiring an indirect ownership and/or control of sensitive land in New Zealand.
Brookfield sees the acquisition of Multiplex as an integral part of its international growth strategy. Brookfield currently has no presence in the Australasian or Middle Eastern markets.
The investment is likely to result in the continued creation of new job opportunities and introduction into New Zealand of additional investment for development purposes. As the transaction is small part of a wider acquisition taking place in an overseas jurisdiction, refusal of the application will likely adversely affect New Zealand’s image overseas. Dominion Property Funds sets up $250 million Australian fund to buy propertyAustralian investors in Dominion Diversified NZ Property Fund Limited of Australia have approval to acquire convertible notes of Dominion Diversified NZ Property Fund Limited for $250,000,000.
According to the OIO,
The Dominion Diversified NZ Property Fund Limited (Dominion Property Funds) proposes to establish a property fund (the Fund) that will acquire various investment grade quality property assets in New Zealand (the Property Acquisition), following the issuance of approximately NZ$250 million in convertible notes to Australian investors (the Capital Raising, and together with the Property Acquisition, the Transaction).
The Applicant is undertaking the overseas investment to gain access to significant investment capital from Australia that is not otherwise available in New Zealand. The Applicant would like to obtain consent to effect the Transaction before the Applicant markets the Fund to Australian investors.
[Decision number 200720024.] Wesfarmers buys Coles – gets Kmart in AotearoaWesfarmers Retail Holdings Pty Limited, owned 100% in Australia, has approval to acquire Coles Group Limited (also owned in Australia), including 4.3 hectares of leasehold at Waitakere Plaza, 25 Newington Road, Henderson, Auckland and 7.7 hectares of leasehold at Bayfair Plaza, Girven Road, Mount Maunganui, Bay of Plenty, for $349,471,563. Coles owns 14 Kmart stores and one Kmart distribution centre in Aotearoa. Wesfarmers already owns the Bunnings hardware chain in Australia and Aotearoa, and in February 2007 bought the Crombie Lockwood group of insurance brokers – see our commentary for that month for further details.
The price is presumably only for the New Zealand assets: it was part of a A$19.7 billion (NZ$23.5 billion) full takeover of the ailing Coles in Australia making Wesfarmers Australia’s biggest retailer (A$44 billion annual revenues) and private sector employer (around 200,000 staff) (New Zealand Herald, “Wesfarmers bags Coles”, 8/11/08, http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10474686).
The OIO states:
Wesfarmers Retail Holdings Pty Limited, a wholly-owned subsidiary of Wesfarmers Limited (Wesfarmers) proposes to acquire 100% of the shares of the Australian listed company Coles Group Limited (Coles). Wesfarmers intends to effect an acquisition by way of a takeover or scheme of arrangement. Coles is the ultimate parent company of Coles Group New Zealand Holdings Limited (Coles NZ) which operates 14 Kmart stores and one Kmart distribution centre in New Zealand. Wesfarmers advises that the acquisition is likely to enhance the businesses of both companies and improve the performance of the Coles’ businesses.
[Decision number 200720027.] Transpacific gets rest of Canterbury Waste Services and Dunedin landfillTranspacific Industries Group Limited, owned 90.78% in Australia and 9.22% in Malaysia, has approval to acquire the remaining 50% of Canterbury Waste Services Limited which it does not already own, and 3,409 hectares comprising · 79 hectares at 125 and 127 Old Brighton Road, Dunedin, Otago, and · 3,330 hectares at Mt Cass Road, Waipara, North Canterbury.
The land in Dunedin is a landfill, and that in Waipara is the Kate Valley landfill, which has a monopoly on landfills in Canterbury. The Kate Valley landfill and associated operation is owned 50% by Canterbury Waste Services and 50% by Canterbury local authorities through Transwaste Canterbury Limited.
Transpacific is acquiring this for $63,053,190 from EnviroWaste Services Limited, owned, according to the OIO, · 34.16% in Australia · 19.0936% in the U.S.A. · 18.4352% in Singapore · 9.2176% in Switzerland · 5.2672% in Japan · 4.6088% in the U.K. · 4.6088% in the Netherlands, and · 4.6088% by “Various overseas persons”.
In fact, this reflects the shareholding of EnviroWaste’s owner, Barra Bidco Limited, a subsidiary of Australia-based private equity investor Ironbridge Capital Pty Limited. Ironbridge also owns MediaWorks (owner of TV3, C4 and RadioWorks, one of the two large radio networks which dominate commercial radio – see our commentary for June 2007), a chain of aged care facilities and a backpacker hostel chain in Aotearoa, and in Australia, acute hospitals, a pharmaceutical company, a barbeque retailer and a furniture chain among others.
Ironbridge bought EnviroWaste in December 2006 (see our commentary for April 2007 for further details). Before it had even completed the purchase, it tried to onsell EnviroWaste’s South Island assets and its share of Manawatu Waste to Transpacific. Transpacific is on a rapid expansion path and had already bought the largest waste company in Aotearoa, Waste Management Ltd, which also owned the other 50% of Canterbury Waste Services (see our commentary for June 2006 for further details). The Commerce Commission not unreasonably, blocked Ironbridge’s full onsale proposal, but did allow this purchase.
The land (either by itself or with land owned by the company or associated interests) is or includes · land that a district plan or proposed district plan under the Resource Management Act 1991 provides is to be used as a reserve, as a public park, for recreation purposes, or as open space; and · land held for conservation purposes under the Conservation Act 1987; and · land which adjoins any scientific, scenic, historic, or nature reserve under the Reserves Act 1977 that is administered by the Department of Conservation; and · land which is a road, that adjoins the sea or a lake; and · land which is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator [i.e. the OIO].
The OIO states:
Transpacific Industries Group Limited (TPI) has entered into a series of seven separate transaction agreements with Barra Bidco Limited (Barra) (a wholly owned subsidiary of Ironbridge Capital Pty Limited) to acquire of all of the South Island assets of EnviroWaste Services Limited (EnviroWaste) and up to 50% of the shares in Manawatu Waste Limited (the assets), from Barra. Barra was the successful bidder in a sales process conducted by Fulton Hogan Limited in respect of all of the share capital in EnviroWaste.
On 14 December 2006, TPI filed an application with the Commerce Commission seeking clearance for the acquisition of all of the assets. On 29 June 2007, the Commerce Commission published its decision declining to grant clearance for the acquisition of all of the assets covered by the clearance application. However, the Commerce Commission did not consider the acquisition by TPI of two of EnviroWaste’s businesses (the Dunedin landfill and transfer station business and EnviroWaste’s 50% shareholding in Canterbury Waste Services Limited (CWS)) would have, or would be likely to have, the effect of substantially lessening competition in a market.
TPI seeks consent to acquire the Dunedin Landfill and transfer station business and EnviroWaste’s shareholding in CWS. TPI already owns 50% of CWS. CWS has a 50% interest in Transwaste Canterbury Limited (six local authorities in the Canterbury region own the remaining 50%). The Kate Valley Landfill is owned by Tiromoana Station Limited, which is 100% owned by Transwaste Canterbury Limited.
TPI, which is listed on the Australian Stock Exchange, has business operations in Australia and New Zealand. TPI’s business divisions include Liquid and Hazardous Waste, Solid Waste, Energy, Industrial Solutions and Commercial Vehicles. The Solid Waste activities include solid waste collection, recycling, landfill and refuse transfer station design, and operation and gas extraction, and gas to energy generation systems. The proposed acquisition of the Dunedin landfill and transfer station business and EnviroWaste’s shareholding in CWS are likely to further complement and expand TPI’s operations in New Zealand.
[Decision number 200720026.] AMP/Perpetual Trust buy Lion Nathan’s Khyber Pass site for redevelopmentGreat Northern Developments Limited has approval to acquire 262-368 Khyber Pass Road, Newmarket, Auckland for $172,000,000 from Lion Nathan Limited, owned 49.24% in Australia, 46.13% in Japan by Kirin Brewery Company Limited, 4.49% in Aotearoa, and 0.14% “persons who may be ‘overseas persons’”.
While the OIO describes Great Northern as owned 31.6589% in Australia, 2.46% by “various overseas persons”, and 65.8511% in Aotearoa, of which 0.75% is owned by John O’Sullivan, the Companies Office record for Great Northern shows it is owned 60% by AMP subsidiary, APEREF II Ltd and 40% by Perpetual Trust Ltd of Aotearoa.
Lion Nathan is moving from this 5 hectare site (where it had been for 130 years) to a new $250 million headquarters, manufacturing plant and warehouse on 16.7 hectares in Ormiston Rd, East Tamaki, South Auckland, planned to be ready in 2011. According to the New Zealand Herald, “AMP Capital Investors is said to be planning to develop a high-density apartment, shopping and retirement precinct” on the Newmarket site, valued at around $1 billion.
While the OIO says $172 million is being paid for the site, Lion and AMP say the price is $162 million – $50 million at the end of the 2007 financial year and the balance when Lion leaves in 2011 (New Zealand Herald, “Brewer settles on East Tamaki”, by Anne Gibson, 22/11/07, http://www.nzherald.co.nz/section/1/story.cfm?c_id=1&objectid=10477554).
According to the OIO,
Following an evaluation of the subject property, the Vendor decided to sell as a key component of evaluation was a finding that staying on the property would require significant capital expenditure commitment by the Vendor to achieve the operational efficiencies needed for the business going forward.
The Applicant proposes, subject to receiving the required resource consents, to redevelop the property to mixed-use development including: commercial office, residential and retail space with integrated public transport and other infrastructure.
[Decision number 200720028.] Abacus Property of Australia may buy Unitel hostels including QueenstownAbacus Property Group of Australia has approval to acquire 0.4 hectares at 56 Hamilton Road, Queenstown, Otago for $7,852,500 from Reavers Lodge Limited of Aotearoa. The property is Reavers Lodge, and is “nestled on the edge of Ben Lomond Scenic Reserve”, according to its web site, http://www.reavers.co.nz. The OIO states that the land “adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator [the OIO]”.
The OIO states:
Abacus Property Group (Abacus) proposes to acquire the land as part of an acquisition of the Unitel Portfolio of properties in New Zealand. The Unitel Portfolio comprises hostel style accommodation in Auckland and Queenstown. Abacus will acquire the property through a special purpose wholly-owned trust, Abacus Unitel Trust. Abacus will also operate the accommodation business on the property. The property provides short term and long term accommodation facilities to residents and visitors in Queenstown.
The acquisition of the Unitel Portfolio is part of Abacus’ corporate strategy to acquire quality hotel and hospitality assets in Australasia. Abacus already owns other property in New Zealand, including the Chateau in the Park Hotel in Christchurch, and considers that the acquisition of the Unitel Portfolio will complement its existing New Zealand investments.
It adds: “the property is part of the Unitel Portfolio which contains five other properties. If consent is not granted to this acquisition, the purchases of the other properties within the Unitel Portfolio will not proceed.”
According to its web site, “Abacus Property Group is a listed group included in the S&P/ASX200 Index. Abacus specialises in investing in property-based assets and actively managing those assets to enhance income and capital growth. Abacus Property Group now has A$2.3 billion in assets under management.” (http://www.abacusproperty.com.au, accessed 23 March 2008.)
[Decision number 200720031.] Contact Energy buys Wairakei land for Te Mihi power station from LandcorpContact Energy Limited has approval to acquire 489 hectares at State Highway 1 and Oruanui Road, Wairakei, Taupo, Waikato for $8,467,950 from state-owned Landcorp Farming Limited of Aotearoa. “The land is the site of Contact’s proposed new Te Mihi power station.”
According to the OIO, Contact is owned:
The OIO states:
Contact Energy Limited (Contact) proposes to acquire the freehold estate in the subject land from Landcorp Farming Limited (Landcorp). Contact already holds a registered encumbrance and easement over the land. Contact will acquire the land under its right of first refusal arrangement with Landcorp. Contact proposes to acquire the land rather than continue to rely on its easement rights because the intensity of its geothermal operations are planned to increase. Contact will use the land to support and develop its geothermal energy operations in the Wairakei area. Contact also proposes to enter into a lease or licence with local farming interests to use the surface of the land for grazing or other activities that are compatible with geothermal energy operations.
The land is the site of Contact’s proposed new Te Mihi power station. Over time, Te Mihi will replace the existing Wairakei power station, which is nearing the end of its useful life and is unlikely to run beyond 2026. The first two generating units of the Te Mihi power station are intended to commence operations in 2010, and the station will be complete with a third unit in 2015. The Te Mihi power station will generate about 220 MW of electricity, 60 MW more that the Wairakei power station. The Te Mihi power station will also comprise more modern plant and equipment and will therefore use geothermal fluid in a more efficient manner than the existing Wairakei power station.
The land overlies a significant part of the Wairakei-Tauhara geothermal field. Contact has existing geothermal fluid production wells, equipment and pipelines on the land which were installed under its easement rights. Contact also proposes to drill a number of new wells on the land to further access geothermal fluid and steam.
[Decision number 200720035.] Toll Australia fails to buy out other shareholders in Toll New ZealandToll Group (NZ) Limited, owned 75.06% in Australia, 11.9% in the U.S.A., 5.32% in the U.K., and 7.72% by “various overseas persons”, has approval to acquire all the remaining ordinary shares and share options in Toll NZ Limited for $99,418,157, of which 63.82% are owned by Third Avenue Management LLC of the U.S.A., and 36.18% owned in Aotearoa.
Toll NZ owns
The OIO states:
Toll Group (NZ) Limited (TGL), a wholly owned subsidiary of Toll Holdings Limited (Toll), was granted consent on 29 August 2003 to acquire 100% of Tranz Rail Holdings Limited (now Toll NZ Limited (Toll NZ)). This consent lapsed on 29 August 2004. TGL currently holds 84.24% of Toll NZ Limited.
TGL seeks consent to acquire the remaining 15.76% of the shares and all outstanding share options (approximately 5%) in Toll NZ that it does not already own. TGL has entered into a Lock-In Agreement with a United States of America based fund manager, Third Avenue Management LLC, to acquire its 10.01% interest in Toll NZ. TGL lodged a takeover notice with Toll NZ on 29 June 2007 to make an offer under the Takeovers Code for the acquisition of all the equity securities in Toll NZ.
Toll NZ is a provider of integrated road, rail and sea services in all major areas of the transport and logistics sector in New Zealand. Toll NZ’s business units include Toll Rail, Toll Tranz Link, The Interislander, Tranz Metro and Tranz Scenic. TGL believes the acquisition can contribute additional financial capital and operational and technical experience that will be highly beneficial to improving Toll NZ’s performance and service levels in a way that generates long-term benefits for all stakeholders in New Zealand’s transport industry and the broader economy.
The proposed acquisition will enable TGL to consolidate its already significant presence in New Zealand and enable better integration of Toll NZ’s businesses into the wider Toll Group resulting in increased efficiencies and enhanced opportunities for growth.
The OIO also states that “The proposal is likely to result in the following benefits: The proposed acquisition is likely to enable Toll NZ to achieve greater efficiencies, due to the better integration of Toll NZ into the Toll Group.” Coming at a time when the government began negotiating to buy the rail system back from Toll, this is more a threat than progress.
In the event, shareholders other than Third Avenue Management were not enthusiastic about accepting the offer. According to New Zealand Company Office records, by March 2008, Toll Group (NZ) Limited still had 84.24% of Toll NZ Limited. The approval was not made use of. Citigroup, with 10.57%, is the biggest shareholder after Toll Group, the next biggest one having only 1.55%.
For details of the August 2003 decision, see our commentary for that month.
[Decision number 200720032.] CDL Land buys four blocks of land in Mairehau, Christchurch for subdivisionCDL Land New Zealand Limited, owned 54.8345% in Aotearoa, 23.6261% in Singapore by the Hong Leong Group, and 21.5394% in Singapore by minority shareholders, has approval to acquire 8 hectares at 155 Mairehau Road, Christchurch for $3,937,500 from Streamview Developments Limited of Aotearoa.
The OIO states:
The subject land is located within the boundaries of Christchurch City. The Vendor’s total land holding is 17.9116 hectares. The Vendor is selling approximately 8.2 hectares, subject to survey, to the Applicant.
Land development and subdivision is CDL’s core business and it is intended in due course that the subject land will be subdivided into approximately 88 standard residential lots and made available for sale on the open New Zealand market. CDL anticipate the total timeframe for the development and sale of the 88 lots to take 4 years from commencement. [Decision number 200720022.]
It also has approval to acquire:
· 11 hectares at 119 Mairehau Road, Christchurch for $3,715,000 from Kathleen McMullan of Aotearoa. According to the OIO, “… it is intended in due course that this land will be subdivided into approximately 120 standard residential sections and made available for sale on the open New Zealand market. CDL anticipate the total timeframe for the development and sale of the 120 lots to take up to five years from commencement.” [Decision number 200720023.] · 7 hectares at 139 Mairehau Road, Christchurch for $2,415,600 from Ruth Ritchie of Aotearoa. According to the OIO, “it is intended in due course that this land will be subdivided into approximately 78 standard residential lots and made available for sale on the open New Zealand market. CDL anticipate the total time frame for the development and sale of the 78 lots to take up to four years from commencement.” [Decision number 200720025.]
In both cases, the OIO states:
CDL Land New Zealand Limited (CDL) proposes to subdivide the subject land in conjunction with its adjoining land holding. CDL’s adjoining land is located at 440 Prestons Road, Marshland, Christchurch and has been subject to OIO approval.
Finally, CDL has approval to acquire 19 hectares at 81 Mairehau Road, Christchurch for $6,750,000 from Ross Frederick Christopher Winter and Karen Anne Winter as trustees of the Christopher Winter Family Trust of Aotearoa.
The OIO states:
“CDL Land New Zealand Limited (CDL) proposes to subdivide the subject land in conjunction with its adjoining land holding. CDL’s adjoining land is located at 414 and 432 Prestons Road, Marshland, Christchurch and has been subject to OIO approval. The OIO decision numbers of the above acquisitions are 200620045 and 200620044 respectively.
This land “will be subdivided into approximately 200 standard residential sections … CDL anticipate the total timeframe for the development and sale of the 200 lots to take six years from commencement.”
[Decision number 200720033.] Retrospective approval for Mobil to lease foreshore land from Tauranga CouncilMobil Oil New Zealand Limited, owned by ExxonMobil Corporation of the U.S.A., has retrospective approval to acquire 0.33 hectares of leasehold at 60 Chapel Street, Tauranga, Bay of Plenty for $1,043,997 from Tauranga District Council of Aotearoa. It “includes/adjoins the foreshore”.
According to the OIO,
Mobil Oil New Zealand Limited entered into an agreement to lease with the Tauranga City Council in respect of the premises located at Chapel Street, Tauranga to develop and operate that site for use as a service station. Mobil considers that the site is strategically important as it is located in an area easily accessible to the public and is amenable to traffic travelling to and from Tauranga.
[Decision number 200720021.] Fosters selling wine interests – Archer Capital of Australia gets approvalArcher Capital Pty Limited Fund 4, owned 62.6% in Australia, 20.4% in Hong Kong, 10.2% by “various overseas persons”, and 6.8% in the U.S.A., has approval to acquire 17 hectares at 83 Hawkesbury Road, Marlborough for $3,881,250 from Foster’s Group Limited, owned 60.93% in Australia, 17.07% in the U.S.A., 13.28% in the U.K., and 8.72% by “various overseas persons”.
This sale is part of a larger one. The OIO states:
Foster’s Group Limited (Foster’s) is offering for sale its Australasian wine clubs and services business by way of a competitive bid process. The New Zealand components of the business comprise Card Member Wines Limited (Cardmember), which is the direct marketing wine club business, and Carter & Associates (2000) Limited (Carter & Associates) which is a distributor of glass bottles, corks and other dry goods to the wine industry. The Applicant will acquire all of the equity securities in Cardmember and Carter & Associates and an interest in the sensitive land from Matua Valley Wines Limited.
Archer Capital Pty Limited (Archer), on behalf of a special purpose vehicle, Bidco, is the successful bidder in the bidding process for Foster’s Group Limited Australasian wine clubs and services businesses. The acquisition of the securities in Cardmember and Carters does not require consent under the Act.
Archer is attracted to the transaction by the market leading position of the Cardmember business. It has a stable cash flow generation, an experienced and qualified management team and growth opportunities identified in due diligence.
[Decision number 200720036.] Australian company buys 1,462 hectare Orere Point farm for $14.8mTrade Lines Malaysian Limited, owned in Australia, has approval to acquire 1,043 hectares of freehold at 621 Orere-Matingarahi Road, and 419 hectares of leasehold at 455 Orere-Matingarahi Road, Orere Point, Manukau City, South Auckland, for $14,624,818 from Adams Trust Family Partnership of Aotearoa.
The land (either alone or together with any land controlled by associated interests) adjoins the following: the foreshore, a road that adjoins the sea or a lake, a regional park created under the Local Government Act 1974, a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993, and land subject to a heritage order or a requirement for a heritage order, under the Resource Management Act 1991 or by the Historic Places Trust under the Historic Places Act 1993.
The OIO states:
The Applicant proposes to acquire the subject property which is situated in close vicinity to land currently owned by the Applicant and known as Kaurilands. This acquisition will enable the Applicant to develop a Wagyu cross beef breeding herd supported by a breeding ewe flock. Labour will be shared across the subject property and Kaurilands. Also, weaners will be transferred from the subject property to Kaurilands and then in-calf heifers transferred back from Kaurilands.
A related company to the Applicant is one of the largest beef producers in Western Australia and operates one of the largest polo pony breeding and training operations in Australia. It is intended that the New Zealand operation will become an integral part of the Western Australian operations providing live bulls, horses and semen for breeding programmes in Western Australia.
Trade Lines Malaysian gained approval in January 2006 to acquire 54 hectares at 724 North Road, Clevedon, South Auckland for $5,400,000 and acquired the previous 189 hectare property, presumably Kaurilands, for $5,062,500 in November 2002. See our commentaries for those months for further details.
[Decision number 200720029.] US buyer for lifestyle property at Hahei, CoromandelGerhard Rudolf Andlinger of the U.S.A. has approval to acquire 54 hectares at 284 Lees Road, Hahei, Coromandel for $6,187,500 from Karen Creel Sandler and Kevin Allan Rainey as trustees of the GM & KC Sandler Family Trust of Hong Kong.
The land (either alone or together with any land controlled by associated interests) adjoins: a scientific, scenic, historic, or nature reserve under the Reserves Act 1977 that is administered by the Department of Conservation; and land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator [the OIO].
According to the OIO, “Mr Andlinger proposes to purchase the land for residential purposes for himself and his family. The land will provide a holiday home and a base in New Zealand. Mr Andlinger proposes to implement recommendations contained in a report commissioned by Boffa Miskell in regard to vegetation management and enhance public access to Driftwood Cove. It is proposed that public access to Driftwood Cove will be provided as part of an extension of the existing Cathedral Cove Walkway through adjacent Department of Conservation reserve land.”
The OIO states that “The proposal is likely to result in the following benefits: (a) The enhancement of existing areas of significant indigenous vegetation; and (b) the extension of the Cathedral Cove public walking track to provide public walking access to Driftwood Cove.”
[Decision number 200720030.] British couple buy Banks Peninsula lifstyle property for energy efficient housePH2 Developments Limited, owned by Philip Joseph Hodskinson and Patricia Ann Hodskinson of the U.K., has approval to acquire 60 hectares at Goughs Bay Road, Banks Peninsula, Canterbury for $410,063 from Richard John Haley of Aotearoa.
The OIO states:
Mr and Mrs Hodskinson, the directors and shareholders of PH2 Development Limited (PH2), wish to focus their attention on their New Zealand business, which is to build energy efficient homes. Mr and Mrs Hodskinson feel that this property provides them with a good opportunity to start their business venture.
Mr and Mrs Hodskinson, as part of the plan to purchase land and build a house also wish to regenerate native bush. If stock were to be excluded the pasture land would quickly begin to revert to regenerating bush.
Mr and Mrs Hodskinson’s aim is to find suitable land to build an energy efficient home using all modern technology available. The concept is to build homes to a standard that provide all, or nearly all, their own energy through solar heat collection coupled with high levels of insulation. This is to be combined with rainwater storage, grey water recycling and reed bed sewage filtration.
[Decision number 200720034.] U.K. agricultural contractor acquires Northland farmWilliam James Callwood of the U.K. has approval to acquire 83 hectares at 3400 State Highway 14, Tangiteroria, Northland for $960,625 from Stephen Pugmire of Aotearoa.
According to the OIO,
The Applicant sold his farming and contracting business in the United Kingdom, and purchased an agricultural contracting business, Agmulch Contracting, in June 2006. The business has expanded since this date. The Applicant also owns two small blocks of land, under 5 hectares, for hay making and rearing calves.
The Applicant currently holds a New Zealand long term business visa which expires on 26 September 2009. The Applicant is demonstrating a commitment to New Zealand through applying for and taking up New Zealand permanent residency. The Applicant intends to reside in New Zealand indefinitely.
The farm at present is run down and uninhabited. The Applicant wishes to make improvements to the farm by re-seeding, fertilising and re-fencing. He intends to control weeds and possums, in addition to re-working the physical landscape for optimum grazing, shelter and water drainage.
The Applicant believes the property will be a valuable addition to his existing agricultural contracting business. It will ensure that in the quieter winter months staff will be occupied by farm work. The property will also provide a house, buildings and land to operate from.
[Decision number 200720038.] |
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Summary statisticsAll investments Although all dollar totals for this month and the year to date have been suppressed, we know from last month (when the gross value was $22,291,601,666 for the year to date and the net value $4,075,187,350) that this year the value of investment approved is considerably higher than for the previous September year.
* In addition there was one retrospective approval granted during the month. This involved a net and gross investment of $1,043,997 and a net and gross leasehold land area of 0.3 hectares.
Investment involving land Gross sales of land approved by the OIO during the years to September have fallen in area and value. Refusals (above) have risen in number, but are still a tiny proportion of the total.
* In addition there was one retrospective approval granted during the month. This involved a net and gross investment of $1,043,997 and a net and gross leasehold land area of 0.3 hectares.
Fishing Quota As usual, there was no fishing quota approved for sale this month.
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Compiled by: Campaign Against Foreign Control of Aotearoa, P. O. Box 2258 Christchurch.
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