Overseas investment decision for case 201010072 - Cabo Trust

An overseas investment in sensitive land, being the Applicant's acquisition of a mortgage over 87.3351 hectares of land situated at the Wyuna Preserve development.

An overseas investment in sensitive land, being the Applicant's possible acquisition of a freehold interest in the 87.3351 hectares of land situated at the Wyuna Preserve development.

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 2269.2059 hectares of land at Wyuna Station, Glenorchy Township.

Pisidia Holdings Limited
New Zealand Public (100.0%)

Wyuna Joint Venture
United States Public (60.0%)
New Zealand Public (40.0%)

The Wyuna Station joint venture currently owns Wyuna Station situated at Glenorchy, near Queenstown.

1. The joint venture is being restructured to more closely reflect the relative financial interests of the joint venture partners in the property. The restructure will result in:
2. The joint venture limiting its activities to the Wyuna Preserve rural residential development;

The joint venture ceasing to own and operate Wyuna Station which will be taken over by Cabo Limited.

Cabo Limited seeks consent to acquire an interest as mortgagee over the Wyuna Preserve land to secure a loan for a term of 10 years; and to acquire Pisidia Holding Limited’s 40% share in Wyuna Station.

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)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(e) – Previous investments