| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 30 May 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in a further 25% of the shares in Wharekauhau Country Estate Limited which owns or controls a freehold interest in 1,439.0082 hectares of land at Wharekauhau and Wharepapa farms, Wairarapa. |
| Consideration | $1,500,000 |
| Applicant | William P. Foley II United States of America (100%) |
| Vendor | Nico De Lange, Kristine De Lange, Independent Trust Company (2010) Limited as trustees for the N&K Family Trust New Zealand (100%) |
| Background | The Applicant intends to acquire the vendor’s 25% shareholding in Wharekauhau Country Estate Limited (WCEL) and provide WCEL with further capital it requires to operate and develop its resort and farming business and undertake further development works in the future. 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 | Gavin J Macdonald Bell Gully PO Box 4199 AUCKLAND 1140 |