Applicant
Aquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A.
Case number(s)
201110023
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision date18 April 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the units of Kaiwera Limited Partnership which owns or controls a freehold interest in 231.0096 hectares of land at 944 Clement Rd, Kaiwera.
Consideration$5,700,000
ApplicantAquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A.
Germany (100%)
VendorOware Trust Limited
Maxwell Family, New Zealand (100.0%)
Background

The relevant land is currently used as a dairy farm. The Applicant proposes to increase production through capital investment, sound farming practices and expert management.

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) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(e) – Walking Access

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(i) – Economic Interests
28(j) – Mitigating Factor

More informationMai Chen
Chen Palmer
P O Box 2160
WELLINGTON 6015