| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 24 September 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 50.0% of the shares of New Zealand Pastures Limited which will indirectly own or control a freehold interest in approximately 23,471 hectares of land being seven sheep and beef farms located in the South Island (known as Three Rivers, Grantham Springs, Hitchin Hills, Quailburn, Hills Creek, The Styx and Huntleigh). |
| Consideration | $32,115,152 |
| Applicant | Duxton Asset Management Pte Ltd, for itself and as investment manager for Duxton Agricultural Land Fund and Stichting Pensioenfonds ABP Netherlands (93.7%) Cayman Islands (5.3%) Singapore (1.0%) |
| Vendor | Former shareholders of Greenfield Rural Opportunities Limited and Lakeview Rural Holdings Limited New Zealand Public, (96.52%) United Kingdom Public (3.48%) |
| Background | Duxton Asset Management Pte Ltd is an investment manager which represents itself and two overseas investment funds for the purposes of this transaction. The new overseas investment capital will allow the current farming model to continue to develop and lift productivity on the farms. 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 | Craig Nelson Simpson Grierson Private Bag 92518 Wellesley Street AUCKLAND |