Applicant
Aquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A.
Case number(s)
201020009
Decision date
Type
Decision
DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision date7 December 2010
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100.0% of the units of Eastern Bush Limited Partnership which owns or controls a freehold interest in 227.0427 hectares of land at Old School Rd, Eastern Block, Southland.
Consideration$3,786,902
ApplicantAquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A.
Germany (100%)
VendorDerek John Chamberlain, Bronwyn Jane Chamberlain and Jonathan George Newson as trustees of the DJ and BJ Chamberlain Family Trust
New Zealand (100%)
Background

The land is currently used mainly as a sheep and beef farm, as well as a dairy support farm. The Applicant also proposes to acquire (through its unit holding in Eastern Bush Limited Partnership) an indirect interest in a 179.9334 hectare dairy farm which adjoins the land. This property is the subject of a separate application for consent (Case 201020008). It is intended that the two farms will be operated as a 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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

More informationCharlie Brown
Rhodes & Co.
PO Box 13444
CHRISTCHURCH