Australians compete for NZ property

Thursday 4 November 2004

Foreign investment is down slightly, from $5.6 billion a year ago to $5.2 billion this year.

By The Landlord

Applications to the Overseas Investment Commission are also down: there were 87 in the September year compared with 124 in the same period last year.

The commission is also turning down more deals. Nine applications were refused in the year to September compared with six a year ago.

The commission has released its September decisions, which show the largest deal approved was by Multiplex NZ Property Fund. Its bid to buy $140 million worth of North Island supermarket and distribution properties for its new unlisted Multiplex Tasman Property Fund from Australian interests was approved. Multiplex NZ Property Fund is 49 per cent Australian-controlled, with the balance held by Malaysian interests and the Wen family owning a substantial portion.

Multiplex bought 17.2ha of land in Mangere, Lynfield, Hamilton and Grey Lynn from General Distributors, owned by Australia's Foodland Associated. The deal is part of Multiplex's purchase of 11 Countdown, Woolworths and Foodtown supermarkets and distribution centres for its new Tasman Property Fund unit trust, which also owns the ASB Bank Centre in Auckland.

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