| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 20 January 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Helena Bay Holdings Limited which owns or controls a freehold interest in 215.7449 hectares of land at Helena Bay Farm, Russell Road, RD4, Hikurangi, Northland. |
| Consideration | $15,950,000 |
| Applicant | Helena Bay Trustees Limited as trustee of the Abramov Family Trust Russia (100.0%) |
| Vendor | Seel Nominees Limited as trustee for the RBO Family Trust New Zealand (100.0%) |
| Background | The Abramov Family Trust intends to construct a high quality residence/lodge and ancillary buildings on the land. The Abramov Family Trust claims the lodge will be used by the owner and may be made available on a commercial basis to wealthy domestic and international clientele. In addition to the construction of the residence/lodge, the Abramov Family Trust will improve the farming business by the conversion of the farming operation from stock fattening to stock breeding. In addition, the Abramov Family Trust has committed to spend $250,000 to improve the quality of pasture, fencing, stockyards, troughs and service tracks. The Abramov Family Trust also intends to carry out a programme of environmental and historic preservation initiatives. The Abramov Family Trust believes the proposed acquisition is a financially attractive investment with substantial scope for development. The Abramov Family Trust also wishes to enhance and protect the flora and fauna on the land. 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 | Matthew Carroll Chapman Tripp (Auckland) PO Box 2206 AUCKLAND 1140 |