| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 16 October 2019 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 27.7% of the of Belvino Investments Trust and Belvino Investments Pty Limited which owns or controls a freehold interest in approximately 703.42 hectares of land at 1301 and 1370 Matapiro Road, Crownthorpe, Hawkes Bay, 1824 Redwood Pass Road, Lower Dashwood, Marlborough and 58 Flaxmill Drive, Rarangi, Marlborough |
| Consideration | $15,340,000 |
| Applicant | Regenal Investments Pty Limited Hong Kong (SAR) (99.9896%) Various overseas persons (0.0104%) |
| Vendor | LANV Pty Ltd Challenger Limited, Australia (100.0%) |
| Background | The Applicant is the current majority owner of Belvino Investments Trust (BIT) and its trustee Belvino Investments Pty Limited (Belvino Trustee), which own or control freehold interests in three vineyards in New Zealand that together comprise approximately 703.42 hectares of sensitive land. The vineyards are Crownthorpe vineyard in Hawkes Bay and Dashwood and Rarangi vineyards in Marlborough, which are leased to Delegats a leading New Zealand winemaker with the flagship brand Oyster Bay. The investment will result in the Applicant increasing its majority interest in BIT and Belvino Trustee to 100% ownership. The investment is intended to ensure business continuity and it is not intended to change the control or use of the land. The Applicant has made beneficial investment in the vineyards since it acquired its original ownership interest in 2011 and intends to continue to do so. The Applicant considers it will be better able to make enhanced capital investment in the land in future, without a potentially unwilling minority owner, if the investment proceeds. The proposed investment is part of a trans-Tasman transaction involving ownership and management of vineyards in Australia and New Zealand. The New Zealand transaction is the smaller part of the deal, but cannot be split off from it. The Applicant has agreed to invest at least $250,000 in a NZ Transport Authority flood mitigation project at the Dashwood vineyard, if called upon to do so. |
| More information | Melissa Clark Martelli McKegg PO Box 5745 AUCKLAND |
This assessment report was released as part of an Official Information Act request: Overseas investment into vineyards and wine companies between 2018 and 2021
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