Overseas investment decision for case 201320109 - Craigmore Farming NZ Limited Partnership

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 88% of the shares of Triberry Limited which directly or indirectly owns or controls:

• a freehold interest in approximately 256 hectares of land located at 360 & 477 Sowerby Rd, Geraldine (Ardwell Farm); and
• a freehold interest in approximately 275 hectares of land located at 1613 Arundel Rakaia Gorge Rd, Mayfield (Cairndale Farm).

The Applicant intends to operate and develop the existing dairy farm businesses carried out on the land in association with the Vendor which will retain a 12% shareholding in Triberry Limited.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation of Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity and efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders