| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 December 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100.0% of the units of Hurunui Limited Partnership which owns or controls a freehold interest in 216.9605 hectares of land at Balmoral Station Rd, Culverden, Canterbury. |
| Consideration | $6,806,250 |
| Applicant | Kiwimilk AG Philipp Schluter, Germany (50.0%) Wolfgang Zwingenberger, Switzerland (50.0%) |
| Vendor | Belwood Farm Limited New Zealand (100%) |
| Background | The Applicant intends to acquire Hurunui Farm which is currently used as a dairy support and runoff farm. The Applicant proposes to develop the land into a fully productive dairy farm. The Applicant believes New Zealand is an ideal environment for investing in agriculture, particularly dairy farms. 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 |
| More information | Charlie Brown Rhodes & Co. PO Box 13444 CHRISTCHURCH |