Overseas investment decision for case 201410071 - Turners and Growers Limited

An overseas investment in sensitive land, being the Applicant's acquisition of:

• a freehold interest in approximately 172.5258 hectares of land in the Hawkes Bay; and
• a leasehold interest in approximately 363.9476 hectares of land in the Hawkes Bay.

Apollo Apples Limited
New Zealand (100%)

Michael Timothy Cotter, Erin Lesley Cotter and Vosper Trustees Limited
New Zealand (100%)

Kevin George Williams and Dan William Druzianic
New Zealand (100%)

Michael Hamilton Aveling and Lyn Maree Norgaard Aveling
New Zealand (100%)

Marist Holdings (Greenmeadows Limited)
New Zealand (100%)

Turners & Growers (“T&G”) proposes to acquire the business and assets of Apollo Apples Limited (“Apollo”), an apple growing company based in Hawkes Bay, together with four other orchard properties.

T&G intends to develop the Apollo orchards by planting apple trees on spare land, and by acquiring the four additional orchards.

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)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiency or productivity
17(2)(a)(vi) – Increased processing of primary products
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(i) – Economic interests
28(j) – Oversight and participation by New Zealanders.