| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 7 July 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the units of McIntosh Dairies Limited Partnership which owns or controls a freehold interest in 220.6796 hectares of land at 369 McIntosh Road, Otautau. |
| Consideration | $6,500,000 |
| Applicant | NMP Farm Investment GmbH and PP1 Agrar Ozeanien GmbH Aquila AgrarINVEST III GmbH & Co. KG and PP1 Agrar Ozeanien Investitions GmbH & Co. KG, Germany (100.0%) |
| Vendor | Terraces Dairy Limited Australian Public (91.6608%) New Zealand Public (4.3296%) Various overseas persons (3.9996%) Vivian James Andrew, New Zealand (0.005%) Sandra Jean Andrew, New Zealand (0.005%) |
| Background | The Applicant intends to improve the performance and profitability of the property with extensive drainage and effluent development, as well as upgrading of the housing and cowshed. This is likely to result in a premium dairy farm business with increased production, improved cashflow and profitability and potential for future capital value growth. 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 | Nicholas Russell Chen Palmer P O Box 2160 WELLINGTON 6015 |