| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 December 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 80.0% of the units of Browns Pastoral Limited Partnership which owns or controls a freehold interest in 168.4041 hectares of land at 737 Hokonui School Rd, RD2, Winton Southland. |
| Consideration | $7,323,750 |
| Applicant | Aquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A. Germany (100%) |
| Vendor | Latheron Wheel Limited Gordon John McKenzie, New Zealand (90.0%) Timothy Patrick Ward, Kevin James Burns and Lynne Marie Burns, New Zealand (9.8%) Lynne Marie Burns, New Zealand (0.1%) Kevin James Burns, New Zealand (0.1%) |
| Background | The land, known as Browns Farm, is currently used as a dairy farm. The Applicant also proposes to acquire (through its unit holding in Browns Pastoral Limited Partnership) an indirect interest in a 197.8450 hectare property which adjoins Brown’s Farm. This property, known as Woodd’s Farm, is the subject of a separate application for consent (Case 201020012). It is intended that Brown’s Farm and Woodd’s Farm will be operated as one expanded dairy farm. The Applicant states that it is interested in a genuine return on its investments by adding value through additional capital expenditure, sound farming practices and good 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 | Charlie Brown Rhodes & Co. PO Box 13444 CHRISTCHURCH |