Craigs sale to Germans involved assets worth $4.7b, says OIO

Photo / Bay of Plenty Times

A German purchase of just under half of Craigs Investment Partners involved assets worth $4.7 billion, the Overseas Investment Office says.

That made it the single largest sale of New Zealand assets to foreigners in the latest round of OIO decisions.

Deutsche NZ sought clearance to buy 49.9 per cent of Craigs, formerly known as ABN Amro Craigs when it was part-owned by the Royal Bank of Scotland. The deal was cleared because it would strengthen both businesses, the office said.

Deutsche Bank would gain access to the local distribution network in New Zealand of Craigs, which provides investment banking, asset management and private client advisory services.

National Australia Bank, 100 per cent Australian-owned, got approval to buy the assets of AXA Asia Pacific Holdings, owned by AXA SA, for $412 million.

American-owned Contract Aviation Group NZ can buy assets of New Zealand's Airwork Holdings for $130.8 million.

Airwork is a group of companies forming part of the Alliance Airlines group, the office said and the investment will create a larger, more efficient group of aviation operators.

All details of another, separate application involving those parties were suppressed.

AMP Investments New Zealand Property Fund was cleared to pay more than $100 million to Australian-controlled APEREFF II. Land involved in that deal is 60.8ha on State Highway One at Waikanae and 9.5ha at Warkworth.

Britain's Prudential Group was cleared for a $119.1 million deal with United States-owned American International Group through AIA Aurora as part of a merger of Asian operations.

Japan's Wither Hills Vineyards Marlborough got approval for a $1.2 million deal to buy 8ha of Blenheim land to extend its grape growing land holdings.

RHL NZ of the US was cleared to buy 303ha of Nelson land for $550,000.

Britain's Babcock International got permission to buy 2.1ha of leasehold Navy Devonport land for $14 million.