MFS Living and Leisure Group (MPY) has listed in New Zealand, trading on the NZSX.

The overseas listing of ASX-listed MPY gives New Zealand-based investors the chance to buy and sell securities through a New Zealand broker in New Zealand dollars.

MPY chief executive Marshall Vann says the company first expressed its intention to list in New Zealand two months ago, as part of a takeover offer for Tourism Holdings.

"In addition to our assets in Australia and Asia, we intend to have assets in New Zealand," he says.

Mr Vann says New Zealand-resident investors subject to the foreign investment fund rules should benefit from MPY's stapled structure since the recent introduction of FDR rules.

As a stapled entity, distributions are made from MFS Living and Leisure Trust to security holders as gross payments. The gross payment may be subject to some Australian withholding tax, but this should be creditable against a New Zealand resident's taxable income.

MPY has forecast a yield of 10 per cent for the 2007 financial year (Aus7c distribution was paid in April 2007) and expects an equivalent yield in 2007-'08.

MFS Living and Leisure is a worldwide diversified leisure business owner and operator with attractions including aquariums, ski fields and tree-top walks.

It operates its aquarium assets through its business Oceanis.

The group's assets include Melbourne Aquarium and UnderWater World (Mooloolaba) in Australia, Siam Ocean World in Thailand, Busan Aquarium in Korea and Shanghai Ocean Aquarium in China. It has also acquired the rights to develop and operate tree-top walkways in Australia through its purchase of Otway Fly tree-top walk, in Victoria.

MFS Living and Leisure is currently developing a second tree-top walk at Illawarra, in NSW.

The site will be developed into a three-tower, mixed-use project - with an expected end value of $200 million - in a joint venture with property developer Far East Consortium (a subsidiary of the Hong Kong-listed Far East Consortium).