| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 7 May 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 7.5141 hectares of land being the Drury Hatchery, Papakura, Auckland, and the New Plymouth Hatchery. An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being the acquisition of leasehold estates in 8 properties (including some sensitive land). |
| Consideration | $100,000,000+ |
| Applicant | Tegel Foods Limited Singapore Public (87.3%) Hong Kong Public (11.3%) New Zealand Public and Various Entities, New Zealand (1.4%) |
| Vendor | Unknown Freehold owners |
| Background | The Applicant currently owns a number of freehold properties. The Applicant intends to sell the Properties to a third party purchaser or purchasers and lease back the sites under a long-term lease for commercial reasons. The land will continue to be used for the Applicant's current poultry business operations. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | David Gilbert/ Amanda Spratt Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |