Applicant
Insight Global Farmland Fund Limited
Case number(s)
201310069
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 October 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 313 hectares of land at 91 and 201 Riversdale-Waikaia Road, Riversdale, Southland.
Consideration$12,000,000
ApplicantInsight Global Farmland Fund Limited
United Kingdom Public (82.57%)
Swedish Public (13.07%)
Middle Eastern Public (4.36%)
VendorFermoy Farms Limited
New Zealand (100%)
Background

The Applicant intends to continue to undertake and improve the dairy farming and related business activities carried out on 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)(i) – Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiencies/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(c) – Enhanced protection of wildlife habitats
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(i) – Economic interests

More informationMartin Thomson/Pavanie Edirisuriya
DLA Phillips Fox
PO Box 160
AUCKLAND