| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 16 April 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 552.5688 hectares of land at 901 Waimiha Road, Ongarue. |
| Consideration | $4,500,000 |
| Applicant | NMP Farm Investment GmbH and Oceania Agrar Investitions GmbH Oceania Agrar GmbH & Co. KG and Aquila AgrarINVEST III GmbH & Co. KG, Germany (100.0%) |
| Vendor | Paul Howard Sorensen, Gene Paul Sorensen and Bailey Ingham Trustees Limited as Trustees of the Sorensen Family Trust New Zealand (100%) |
| Background | The Applicant plans to convert the farm from a mixed dairy heifer grazing, sheep and cattle farm to a farm focused on intensive sheep and beef breeding and finishing and to increase the stock holding capacity through development of the farm. 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 | Nicholas Russell Chen Palmer P O Box 2160 WELLINGTON 6015 |