Overseas investment decision for case 201110038 - Aquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A. | Toitū Te Whenua

Applicant: Aquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A.
Case number(s): 201110038
Decision date: 20 May 2011
Type: Decision

Decision	Consent granted Section 12(b) Overseas Investment Act 2005
Decision date	20 May 2011
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 Glencairn Limited Partnership which owns or controls a freehold interest in 1401.1737 hectares of land at 141 Glencairn Rd, Dipton.
Consideration	$33,000,000
Applicant	Aquila AgrarINVEST Investitions GmbH, D/S Neuseeland Milchfarm Investitions GmbH and Alceda Star S.A. Germany (100%)
Vendor	Glencairn Land Company Limited New Zealand (100%)
Background	The relevant land is currently used as two separate dairy units. The Applicant proposes to convert the land into three dairy units and substantially increase the milking capacity through capital investment, sound farming practices and expert 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 17(2)(c) – Trout, salmon, wildlife and game Overseas Investment Regulations 2005 28(c) – Affect image, trade or international relations 28(e) – Previous investments 28(i) – Economic Interests 28(j) – Mitigating Factor
More information	Nicholas Russell Chen Palmer P O Box 2160 WELLINGTON 6015

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