Applicant
N & B Enterprises Limited
Case number(s)
201010049
Decision date
Type
Decision
DecisionConsent Granted
Sections 12(a) and 12(b) Overseas Investment Act 2005
Decision date22 July 2010
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • A 100% freehold interest in 899.0125 hectares of land at Western Lake Road, South Wairarapa District and known as the Wharekauhau Land; and
  • A 67% freehold interest in 51.2500 hectares of land at Western Lake Road, South Wairarapa District and known as the Joint Venture Land.

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 47.57% of the shares of Wharepapa Station Limited which owns or controls a freehold interest in 484.7704 hectares of land at Western Lake Road, South Wairarapa District and known as the Wharepapa Land.

ConsiderationCONFIDENTIAL
ApplicantN & B Enterprises Limited
William P. Foley II, United States of America (53.73%)
Nico De Lange, New Zealand (25.0%)
Thomas M Hagerty, United States of America (21.27%)
VendorWharekauhau Holdings Limited
James Davidson, United States of America (38.9686%)
Michael Baybak, United States of America (20.2168%)
Blanchard (James), III, estate of, United States of America (10.255%)
Lord William Rees-Mogg, United Kingdom (except Isle of Man and the Channel Islands) (8.7899%)
Charlotte Casey, United States of America (8.7899%)
William Shaw, New Zealand (6.0504%)
Annette Shaw, New Zealand (6.0504%)
Roger Douglas, New Zealand (0.879%)
Background

Wharekauhau Holdings Limited (WHL) operates a resort (Wharekauhau Lodge and Country Estate) and farming business from the relevant land. Wharepapa Station Limited (WSL) operates a farming business from the adjoining Wharepapa Station. WHL currently owns 47.57% of the shares in WSL.

The Applicant's acquisition of WHL's assets and its shares in WSL will provide substantial and identifiable benefits to New Zealand through stable long-term ownership of the facility by people with considerable knowledge and experience both in the tourism and lodge industry and in business generally, providing access to further capital to facilitate refurbishment and construction of new facilities, providing additional employment for New Zealanders, securing certainty for existing employees and increasing the number of international tourists to the region.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was 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(a) – Consequential Benefits
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(g) – Enhance the viability of other investments

More informationGavin J MacDonald
Bell Gully (Auckland)
PO Box 4199
AUCKLAND 1140