| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 October 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,088.7128 hectares of land at Owetea Station, Mata Road, Tokomaru Bay, East Cape. |
| Consideration | $3,487,500 |
| Applicant | The Ingleby Company Limited United Kingdom (except Isle of Man and the Channel Islands) (100.0%) |
| Vendor | Christopher's Management Services Limited New Zealand (66.7%) United Kingdom (except Isle of Man and the Channel Islands) (33.3%) |
| Background | The Ingleby Company Limited (Applicant) owns several stations in East Cape including Waikura Station and Puketoro Station, which adjoin the land subject to this application at Owetea Station (Owetea). The Applicant proposes to acquire Owetea and farm it in conjunction with the Applicant's existing East Coast farming operations and to afforest approximately 60% of the land at Owetea currently suffering from severe erosion. 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 satisified by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Tom Bennett Mark Flaherty |