| Decision | Consent Granted Sections 12(a) and 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 January 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Bolitho Vineyards (Hope) Limited which owns or controls a freehold interest in 41.6943 hectares of land at 394, 416 Main Rd, SH 6, Hope, Nelson. An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Waimea Estates (Nelson) Limited which owns or controls a freehold interest in 10.9407 hectares of land at 59 Appleby Hwy, SH 60, Appleby, Nelson. |
| Consideration | $34,571,250 |
| Applicant | The Saint James Company LLC United States of America (100.0%) |
| Vendor | Trevor Herbert Bolitho, Robyn Mary Bolitho and Ian James Turner as trustees of the Trevor & Robyn Bolitho Family Trust Trevor Herbert Bolitho and Robyn Mary Bolitho A C Bolitho, B C Bolitho, Knapps Lawyers Trustee Company 2004 (No. 2) Limited, I J Turner, R M Bolitho & T H Bolitho A C Bolitho, B C Bolitho and Knapps Lawyers Trustee Company 2004 (No. 2) Limited I J Turner, R M Bolitho, T H Bolitho & J V Bolitho |
| 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 land and business known as the Waimea Estates vineyard and winery. The land comprises 9 separate freehold lots all located in or around Nelson. The Applicant is also acquiring the Gravitas vineyard and winery (refer 200920026). 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 | Felicity Grey Tom Bennett |