| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 18 August 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Hyde Investments Limited and Pittco NZ LLC, being the partners of Hyde NZ Partners LP, which owns or controls a freehold interest in 1783.0358 hectares of land known as Kahutara Downs and Rakanui Station located 16km south of Kaikoura. |
| Consideration | $10,600,000 |
| Applicant | Joseph Reeves Hyde lll United States of America (100%) |
| Vendor | Margaret Elisabeth Hyde United States of America (100%) |
| Background | Joseph Reeves Hyde III is replacing his daughter Margaret Hyde as the underlying owner of Hyde NZ Partners LP which owns Kahutara Downs and Rakanui Station near Kaikoura. Hyde NZ Partners LP will continue to develop the land in accordance with professional business and ecological plans by improving the existing farming operations, planting a sustainable forest and implementing an ecological restoration programme to protect sensitive ecological areas. 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 | Sam Nelson Lane Neave PO Box 13-149 CHRISTCHURCH |