BlackRock-managed partnership wins Overseas Investment Office consent for $110m Wiri land deal

A partnership managed and advised by global business BlackRock has won consent to buy Auckland land in a $110 million deal.

The Overseas Investment Office announced details today, along with statements that foreign deals would be mainly be decided on by Toitū Te Whenua Land Information New Zealand rather than Crown ministers.

The BlackRock decision won approval on February 26 but was only released today, not part of the decisions announced at the start of this month.

Eden Puaki Drive Sub Limited Partnership can buy 5.81ha of land classified as non-sensitive at 20 Puaki Dr, Wiri.

That partnership is described as “funds managed and advised by entities associated with BlackRock, comprised of entities which are 90 per cent overseas-owned”.

The vendor is an American-owned business, GPC Asia Pacific group, supplying automotive aftermarket and industrial replacement parts here, in Australia, Indonesia and Singapore.

GPC says it is one of the largest aftermarket automotive parts suppliers here and in Australia and includes brands such as Repco, APPCO Auto Parts, ASL and ADL Auto Parts.

Land Information NZ (Linz) information showed the partnership buying the land is an institutional investor in industrial assets owned by funds managed and advised by entities associated with BlackRock.

Companies Office records show that partnership was registered on December 21 last year. Eden NZ GP has its overseas registered offices in Singapore.

The consent went via the significant business assets pathway.

On how Linz decisions will be made in future, the office said the Overseas Investment Act 2005 allows the Minister of Finance or associate, Minister for Land Information and Minister for Oceans and Fisheries to delegate powers and functions to Linz.

“Most decisions are already delegated to Linz including business decisions, variations, exemptions and many land decisions. The new changes extend overseas investment delegations to all decisions except those related to national interest, national security and public order concerns, and give effect to the Government’s commitment to ensuring timely decisions,” the office said.

The changes come into effect from today.

The act already allows for delegations, which means changes to legislation are not required and ministers retain the power to make any decisions.

A small number of applications are currently with ministers or were intended for a ministerial decision when they were accepted, it noted.

Associate Finance Ministers David Seymour and Chris Bishop have issued the new ministerial directive letter, which sets out the Government’s policy approach to overseas investment in build-to-rent and clarifies the existing pathways available to investors, Linz said.

Anne Gibson has been the Herald’s property editor for 24 years, has won many awards, written books and covered property extensively here and overseas.