| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 28 April 2020 |
| Pathway | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's retrospective acquisition and extension of a leasehold interest in 60.5 hectares of land at 148 Rosser Road, Hastings. |
| Lease Value | $1,600,000 (by the end of lease) |
| Applicant | Heinz Wattie's Limited United States of America (100%) |
| Vendor | Tony Maxwell Rasmussen and Patricia Josephine Rasmussen under the TM & PJ Rasmussen Partnership New Zealand (100%) |
| Background | The Applicant is retrospectively acquiring a leasehold interest in land that it currently uses for growing crops, which are sent to the Applicant’s factories to be processed into food products. The Applicant is also seeking to extend this leasehold interest, so it can continue using the land for the same purposes. The Applicant is one of New Zealand’s leading growers and manufacturers of food products and has invested in factories around New Zealand, creating thousands of jobs. The Investment has resulted in an increase in efficiency and productivity of the land. It has also led to the increase in processing of primary products such as tomatoes, beetroot, and sweetcorn. The rate of processing of primary products will be maintained throughout the duration of the Investment. |
| More information | Tara Wylie Simpson Grierson Private Bag 92518 Auckland 1141 |
| Retrospective penalty | $10,000 |