| Decision | Consent Granted Sections 12(a) and 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 18 February 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the Shares of Wharepapa Station Limited which owns or controls a freehold interest in 484.7704 hectares of land at Wharepapa Station. |
| Consideration | To be advised |
| Applicant | Wharekauhau Country Estate Limited William P. Foley II, United States of America (53.73%) New Zealand Public (25.0%) Thomas M Hagerty, United States of America (21.27%) |
| Vendor | Wharekauhau Holdings Limited Existing shareholders of Wharepapa Station Limited other than Wharekauhau Country Estate Limited |
| Background | The Applicant (formerly named N&B Enterprises Limited) was granted consent in July 2010 to purchase the Wharekauhau Resort Business (refer case 201010049). This overseas investment transaction is an integral part of the overall investment and will facilitate the ongoing development of the Wharekauhau business operation. The overall 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 Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |