| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 January 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 39.0600 hectares of land at 45 Lanark Lane & State Highway 63, Renwick, Marlborough. |
| Consideration | $9,000,000 |
| Applicant | The Saint James Company LLC United States of America (100.0%) |
| Vendor | Gravitas Limited New Zealand (100.0%) |
| Background | The Applicant is in the process of building a portfolio of international wine brands through acquisitions, licences and organic growth. The Applicant is proposing to acquire wineries and/or license well regarded brands in New Zealand and Australia. The Applicant proposes to acquire the Gravitas vineyard and winery which includes 2 separate freehold lots both located near Blenheim. The Applicant is also acquiring the Waimea Estates vineyard and winery (refer 200920027). The acquisition of multiple wineries in New Zealand allows the Applicant to bring together the complementary capabilities of each of the wineries. The wineries have excellent synergies and collectively cover the key market sectors and price points from premium to ultra premium. Individually, however they lack the critical mass to effectively penetrate foreign markets particularly the United States market. 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 Overseas Investment Regulations 2005 |
| More information | Tom Bennett Felicity Grey |