Applicant
Southern Pastures Limited Partnership
Case number(s)
201310055
Decision date
Type
Decision
DecisionConsent granted
Sections 12(a) of the Overseas Investment Act 2005
Decision date7 August 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 503 hectares of land located at Tram Road, Kinleith Forest, Taupo District (known as Rogerson and Tatua farms).
Consideration$11,718,000
ApplicantSouthern Pastures Limited Partnership
Forsta AP-fonden, Sweden (99%)
Southern Pastures Founders Limited, New Zealand (1%)
VendorCarter Holt Harvey HBU Limited
Graeme Richard Hart, New Zealand (100%)
Background

The Applicant is acquiring the properties to run as commercial dairy farms. The Applicant intends to increase sustainable production and develop the farming operations through additional capital expenditure, sound farming practices and good management.

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)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity & efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access
17(2)(f) – Offer to gift riverbed to the Crown

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 informationChris Bougen
Chapman Tripp
PO Box 993
WELLINGTON 6140