| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 November 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 36.0284 hectares of land at State Highway 6, Luggate-Cromwell Highway, Locharburn, Otago. |
| Asset Value | $1,625,000 |
| Applicant | Vela Wines LLC Arie M Dahan, France (50.0%) Maksim Risman, United States of America (50.0%) |
| Vendor | Otago Crown Wines Limited Stephen Herbert Sawatske, United States of America (100.0%) |
| Background | The Applicant is seeking to purchase the land in order to own and operate the vineyard located upon it. It intends to use the fruit from the vineyard to make its own premium Pinot Noir wine and export it to North America, Europe and Asia. 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 | John Brown Brown Partners Lawyers PO Box 1496 Shortland Street Auckland 1140 |