Sharechat Logo

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

Monday 9th January 2017

Text too small?

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

  General Finance Advertising    

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.

Related News:

Govt raises GST threshold for online shopping
Exploration ban 'selfish, rich world' approach, MPs told
Mexico's Finaccess dangles 24% premium to buy control of Restaurant Brands
October 18th Morning Report
NZ dollar dips as growing concerns in Europe bolster greenback
MARKET CLOSE: NZ shares gain as A2 calms critics with strong sales
NZ dollar may extend rally on signs of gradual Fed rate increases
Larry Ellison's NZ yacht company key to America's Cup rival
Port of Tauranga eyes record $101mln 2019 profit on cargo growth
Marsden Maritime eyes benefits from upper North Island transport study

IRG See IRG research reports