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

OIO greenlights deal.

Rebecca Howard
Tue, 10 Jan 2017

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. The apartment tower was built by Andrew Krukziener in 1999. He later defaulted on $21 million in body repayments due to investors.

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)

Rebecca Howard
Tue, 10 Jan 2017
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Thailand's Oaks Hotels given all-clear to buy Auckland's Metropolis apartments
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