| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 7 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 Eastern Bush Limited Partnership which owns or controls a freehold interest in 227.0427 hectares of land at Old School Rd, Eastern Block, Southland. |
| Consideration | $3,786,902 |
| Applicant | Aquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A. Germany (100%) |
| Vendor | Derek John Chamberlain, Bronwyn Jane Chamberlain and Jonathan George Newson as trustees of the DJ and BJ Chamberlain Family Trust New Zealand (100%) |
| Background | The land is currently used mainly as a sheep and beef farm, as well as a dairy support farm. The Applicant also proposes to acquire (through its unit holding in Eastern Bush Limited Partnership) an indirect interest in a 179.9334 hectare dairy farm which adjoins the land. This property is the subject of a separate application for consent (Case 201020008). It is intended that the two farms will be operated as a dairy farm. 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 |