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.
No comments yet
NZ dollar unchanged in local trading as markets watch US developments
Robertson's rocket for Treasury over child poverty modelling error
Green Cross community head Simon Lipscombe leaves to head Compass NZ food service group
Labour signals slow track for most contentious labour law reforms
New spray dryer planned at Waikato Innovation Park as sheep milk ramps up
Euro Corp to defend fair trading charges over steel mesh standards
Fonterra criticises Beingmate after 'extremely disappointing' earnings downgrade
Augusta lines up third property for industrial property fund
Blis cuts annual earnings guidance as impact of tough first half lingers
January 22nd Morning Report