Applicant
Craigmore Farming NZ Limited Partnership
Case number(s)
201410080
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date5 November 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 350ha of land located at 1181 Orton Rangitata Mouth Road, Ashburton (Clearview-Orton Farm).
Consideration$19,000,000
ApplicantCraigmore Farming NZ Limited Partnership
United Kingdom Public (32%)
Hong Kong Public (14%)
German Public (10%)
New Zealand Public (9.5%)
Various overseas persons (34.5%)
VendorClearview Rangitata Limited
New Zealand (100%)
Background

The Applicant intends to incorporate the Farm within its central Canterbury dairy operation. The Applicant intends to carry out extensive development to realise the full potential of the Land and associated farming operation. 

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
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(g) – Enhance the viability of other investments
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders.

More informationChristina Lefever
Duncan Cotterill 
PO Box 5
Christchurch 8140