| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 22 December 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100.0% of the units of Cascade Pastoral Limited Partnership which owns or controls a freehold interest in 327.4300 hectares of land at 140 Cascade Road, Culverden, Canterbury. |
| Consideration | $11,250,000 |
| Applicant | Vermogensverwaltung J. Jahr GmbH, Sovereign Fund SIF, Little Rock Business Corporation, Eckhard G Jess, Hof Peeneland GbR and AD Fund Classic SIF John Jahr, Germany (32.0%) Frank Keske, Germany (27.0%) Eckhard Gunter Jess, Germany (18.0%) Gerd Schepers, Germany (18.0%) Roman Rosslenbroich, Germany (3.0%) Detlef Uwe Schon, Germany (2.0%) |
| Vendor | Pineleigh Limited Pineleigh Group Holdings Limited, New Zealand (100.0%) |
| Background | The land known as Cascade Farm is currently used as a dairy farm. The Applicant proposes to increase production as a result of the construction of a new cowshed on the land, increased automation of milking systems and farm development work. The Applicant believes New Zealand is an ideal environment for investing in agriculture, particularly dairy farms. The Applicant states that it is interested in a genuine return on its investments by adding value through additional capital expenditure, sound farming practices and good 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 |
| More information | Charlie Brown Rhodes & Co. PO Box 13444 CHRISTCHURCH |