Applicant
Craigmore Farming NZ Limited Partnership
Case number(s)
201410087
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date11 November 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 40 hectares of land at 775 No1 Road, Te Puke (Kirimini Orchard).
Consideration$5,800,000
ApplicantCraigmore Farming NZ Limited Partnership
United Kingdom Public (32%)
Hong Kong Public (14%)
German Investors, Germany (10%)
New Zealand Public (9.5%)
Various overseas persons (34.5%)
VendorM & R Paton Trust
New Zealand (100%)
Background

The Applicant is entering a joint venture with Trevelyan’s Pack & Cool Ltd to establish a kiwifruit business. The joint venture intends to carry out development to realise the full potential of Kirimini Orchard.

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 efficiencies
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders.

More informationChristina Lefever
Duncan Cotterill
PO Box 5
Christchurch 8140