September 30, 2010
Great Northern Developments Limited (GNDL), the company established by APEREF II, an investment fund managed by AMP Capital Investors NZ, to develop the Lion Brewery site in Khyber Pass, Newmarket, has been acquired by Lion Nathan Pty Limited (LN).
GNDL’s sole assets are the Khyber Pass site and the plans for its rezoning and development. LN acquired the company after GNDL was unable to secure the capital to proceed with the redevelopment due to the Global Financial Crisis. At the time of the sale, GNDL was owned by joint venture partners APEREF II and Haumi Development Limited Partnership.
Lion Nathan National Foods CFO and newly appointed Director of GNDL Jamie Tomlinson said: “We are delighted with this outcome. Great Northern Developments Ltd, now a 100% owned subsidiary of Lion Nathan, will continue to be responsible for the Khyber Pass site and its ultimate value realisation.
“This is a good outcome for all parties, avoiding the possibility of an extended period of uncertainty. GNDL will now review its plans for the future development of the site,” Mr Tomlinson said.
Peter Kean, Managing Director, Lion Nathan New Zealand (LNNZ) said: “Knowing the site well having operated here since approximately 1860, we are confident that GNDL will be able to attract good investment interest and that ultimately, the redevelopment of the site will be accomplished to the benefit of the local community and businesses. At the same time, we remain on plan to fully migrate our brewing operations to our new brewery at Ormiston Road, ‘The Pride’”.
LNNZ is preparing to exit the Khyber Pass site early in 2011. The Lion Nathan National Foods group will suffer no adverse financial impact in the 2010 financial year from this transaction.
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