| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 January 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 5.6 hectares of land located at Wyuna Preserve (Lots 23 and 25), Glenorchy, Queenstown. |
| Consideration | $2,383,800 |
| Applicant | Libra Corporation Limited Tom Petter Andreas Wiel Welo, Norway (100%) |
| Vendor | Wyuna Joint Venture Cabo Limited, United States of America (60%) Pisidia Holdings Limited, New Zealand (40%) |
| Background | The Applicant is acquiring the land in order to construct a private residence (on Lot 23) and to enhance and preserve the natural environment on Lot 25. 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 | Andrew Monteith Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |