PAG gets green light for $120m Auckland warehouse acquisition

1st April 2025 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Asia Pacific investor PAG has gained approval for a $120m acquisition of an industrial warehousing facility in Auckland.

Special purpose vehicle NZ Legacy Limited Partnership, 95% of which is ultimately owned by a fund managed by PAG, has secured Overseas Investment Office consent for the purchase of 38-44 Dalgety Drive at Wiri.

The 9.24 hectare property, part of the Goodman-developed Enterprise Park, has 60,000 square metres of space and is being sold by Gasoline Properties Limited, owned by couple Barry and Diane Rissetto.

The OIO said in its decision summary released on Monday that the land, which was not considered sensitive, was currently leased out to third parties and would continue to be so.

“This application was subject to a national interest assessment because the applicant is considered a non-New Zealand government investor due to the involvement of some non-New Zealand government investors,” stated the agency.

The decision summary does not break down ownership of NZ Legacy Limited Partnership by entity but showed country of origin stakes:

United Arab Emirates 20%
Singapore 18%
Canada 14%
South Korea 11%
United States of America 11%
Hong Kong (SAR China) 6%
Azerbaijan 5%
Cayman Islands 5%
Various 10%

“The minister of finance has decided that the investment is not contrary to New Zealand’s national interest. Consent was granted as the applicant has met the investor test criterion,” stated the OIO.

The deal is the latest from PAG in New Zealand, following its acquisition of the Thirty Daldy twin-block office project at Wynyard Quarter in Auckland from Mansons BDGP, which is owned by Mansons TCLM. In that deal, PAG used special purpose vehicle CC Maverick Pte. to make the purchase.

PAG has a portfolio estimated to be worth more than $1.6bn in New Zealand, with The New Zealand Herald reporting earlier this month that the investor had launched a new US$4bn fund ($6.99bn) looking to deploy in developed markets like New Zealand into data centres, warehouses, offices and properties under mortgagee sale.