| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 November 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 3.9672 hectares of land at Glenburn Station, Wairarapa. |
| Consideration | $0 |
| Applicant | GMO Glenburn Limited Grantham Mayo Van Otterloo & Co LLC, United States of America (51.0%) Eva Greger Morse, United States of America (19.845%) Robert Saul, United States of America (15.435%) Ian Gordon Jolly, Kristine Jean Jolly and Colin Stanley McGregor as trustees of the Jolly Family Trust, New Zealand (13.72%) |
| Vendor | Glenburn Station 2007 Limited Helen McFadzean and John McFadzean and the Glenbrae Trust, New Zealand (100.0%) |
| Background | In March 1998 the Applicant obtained consent to acquire 5,899.092 hectares of land known as Glenburn Station on the east coast of the South Wairarapa. In June 2002 the Applicant obtained consent to acquire the adjoining 630.4399 hectares of land known as the Dunolly Block situated at Craigie Lea Road, Masterton. In March 2007 the Applicant sold Glenburn Station to Brooklands Station 2005 Limited. The ownership of Glenburn Station has since been restructured so that it is now owned by the vendor. Trees have been planted right up to the physical fence of the Dunolly Block as all parties considered that the physical fence was the legal boundary. The acquisition represents a boundary adjustment to realign the legal boundary with the physical fence dividing Glenburn Station and the Dunolly Block. 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 | Martin Thomson DLA Phillips Fox PO Box 160 AUCKLAND |
| Retrospective penalty | n/a |