| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 4 November 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 0.6435 hectares of land at Bluff. |
| Lease Value | $1,123,049 |
| Applicant | Marstel Terminals Limited Marstel Holdings Limited New Zealand (50.0%) State Authorities Superannuation Trustee Corporation, Australia (45.0%) Oleate Pty Limited, Australia (5.0%) |
| Vendor | South Port New Zealand Limited Southland Regional Council, New Zealand (75.4%) New Zealand Public (24.6%) |
| Background | The acquisition in February 2009 of the leasehold interest of the land at Bluff land gave the Applicant a presence in Southland which enabled it to service the rapidly expanding dairy industry in the region. The Applicant has now sought retrospective consent for the acquisition. The overseas investment transaction has satisfied the criteria in section 16 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 | Neil Millar/Amanda Spratt Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |
| Retrospective penalty | $4,000.00 |