Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
---|---|
Decision date | 15 September 2010 |
Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
|
Consideration | $34,152,494 |
Applicant | Dairy Farms Partnership President and Fellows of Harvard College, United States of America (100.0%) |
Vendor | Consultant Management Services Limited (in receivership) Cascade Capital Limited (in receivership and in liquidation) Main Farm Limited (in receivership) |
Background | The Applicant's particular interest in the New Zealand dairy industry stems from New Zealand's position as a leader in the global dairy industry. The Applicant intends to integrate management of the land with its nearby Helenslea dairy farming operation. The Applicant intends to improve the current dairy farming activities on the land through a development programme (involving improved irrigation and improved pasture management). 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 | Martin Thomson DLA Phillips Fox (Auckland) PO Box 160 AUCKLAND |