| 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 179.9334 hectares of land at 473 Clifden Gorge Road, Eastern Bush, Southland. |
| Consideration | $5,625,000 |
| Applicant | Aquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A. Germany (100%) |
| Vendor | Latitude473 Limited Greg Norman Collins, New Zealand (40.0%) Paul David Marshall, New Zealand (20.0%) Juanita Priscilla Marshall, New Zealand (20.0%) John Joseph Ellis and Valerie Jean Ellis, New Zealand (20.0%) |
| Background | The land is currently used as a dairy farm. The Applicant also proposes to acquire (through its unit holding in Eastern Bush Limited Partnership) an indirect interest in a 227.0427 hectare sheep, beef and dairy support farm which adjoins the land. This property is the subject of a separate application for consent (Case 201020009). It is intended that the two farms will be operated as one expanded 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 |