Applicant
Craigmore Farming NZ LP
Case number(s)
201220089
Decision date
Type
Decision
DecisionConsent granted
Section 13(1)(b) Overseas Investment Act 2005
Decision date20 March 2013
Investment

An overseas investment in sensitive land, being the Applicant's acquisition (either directly or through an 80% - 100% owned subsidiary of the Applicant) of a freehold interest in approximately:

  • 57 hectares of land located at Gilbertson Road, Napier;
  • 37 hectares of land located at 468 and 469 Lawn Road, Clive; and
  • 17 hectares of land located at 91 Tukituki Road, Haumoana.
Consideration$6,000,000
ApplicantCraigmore Farming NZ LP
Craigmore Sustainables (Farming) N.V, being various overseas persons (up to 95%, currently 24.77%)
New Zealand Public (currently 75.33%)
VendorCooper Horticultural Limited (In Receivership)
New Zealand (100%)
Background

The Applicant intends to improve the value and productive capacity of the orchards located upon the land.

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)(iv) – Added efficiencies
17(2)(b) – Enhanced indigenous vegetation/fauna

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(j) – Mitigating factor

More informationChristina Lefever
Duncan Cotterill
PO Box 5
CHRISTCHURCH