Thailand's Oaks Hotels given all-clear to buy Auckland's Metropolis apartments

New Zealand’s Overseas Investment Office has given Thailand’s Oaks Hotels and Resorts NZ a green light to buy the Metropolis Apartment Complex in central Auckland.

Oaks Hotels and Resorts NZ, a unit of Minor International, plans to introduce its Avani brand to New Zealand by upgrading the complex, Land Information New Zealand said today after publishing the November decision. The OIO is an autonomous operational unit of LINZ, with statutory responsibility for investigating, approving and making recommendations to ministers on foreign investment proposals.

The deal required OIO approval as it is considered overseas investment in sensitive land.

The purchase price has been withheld under the Official Information Act and the deal was approved after the so-called “benefit to New Zealand” criterion was satisfied, in particular regarding the creation of jobs, increased export receipts, greater productivity and additional investment for development purposes.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

July 8th Morning Report
SUM - 2Q26 Metrics - Sales of Occupation Rights
BPG - Q1 FY27 Investor Webinar
KPG - Changes to the Executive Team
BRW - Scheme of Arrangement - Largest Shareholder Intention
FRW - Board update
THL - BGH Consortium confidentiality agreement executed
MEL - Meridian receives final approval on contingent storage
July 3rd Morning Report
KMD Brands completes share consolidation