| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 7 March 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 124.3336 hectares of land at Eggers Road, Upper Moutere, Nelson. |
| Consideration | $9,875,000 |
| Applicant | Michael Robert Stone United States of America (100%) |
| Vendor | Bruce James Eggers, Nigel Alexander McFadden and John Noel Murray as Trustees of the BJ Eggers Family Trust and Bruce James Eggers New Zealand (100%) |
| Background | The Applicant plans to further develop the hop farm on the land, in order to increase the quantity of hops produced from it and to increase exports through his pre-existing relationships in the United States craft beer industry. 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 Overseas Investment Regulations 2005 |
| More information | Sam Nelson Lane Neave PO Box 13-149 CHRISTCHURCH |