Applicant
QWIL Investments (NZ) Pty Limited (QWIL)
Case number(s)
201320093
201320094
Decision date
Type
Decision
Decision Consent granted
Section 12(a) Overseas Investment Act 2005
Decision date 11 March 2014
Investment

Overseas investments in sensitive land, being:

  • the acquisition by QWIL of a freehold interest in five vineyards located in Marlborough (Woolshed Vineyard), Canterbury (Home, Mound and Deans Vineyards) and Otago (Claim Vineyard) comprising approximately 596 hectares; and
  • the acquisition by Accolade of a leasehold interest in the five Vineyards being acquired by QWIL comprising approximately 596ha (along with approximately 15ha of land used for a café business).
Consideration $46,400,000 (freehold consideration)
Applicant

QWIL Investments (NZ) Pty Limited (QWIL)
Gold Rainbow Int'l Limited, Hong Kong (SAR) (45.31%)
Trueway International Limited, Hong Kong (SAR) (22.05%)
Triluck Assets Limited, Hong Kong (SAR) (7.45%)
Hong Kong Public (25.1843%)
Various overseas persons (0.0057%)

Accolade Wines New Zealand Limited (Accolade)
United States (38%)
Australia (19%)
Netherlands (8%)
China (8%)
Various (27%)
Freehold vendor / Cafe land lessor Mud House Wine Group entities
New Zealand Public (98.8%)
Various (1.2%)
Background

The Applicants intend to continue to operate and develop the vineyards and various wine businesses related to the Land. The investment will enhance QWIL’s existing investments in (and will provide Accolade Group with an entry into) the New Zealand wine 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
17(2)(a)(i) – Retention and possible 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)(b) – Indigenous vegetation/fauna

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(i) – Economic interests
More information

Melissa Clark (for QWIL)
Martelli McKegg
PO Box 5745
AUCKLAND

Bill A Sandston (for Accolade)
Chapman Tripp
PO Box 2206
AUCKLAND 1140