Applicant
Constellation Brands New Zealand Limited
Case number(s)
201320104
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date27 February 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 29.0000 hectares of land at Ngatarawa, State Highway 50, Hastings.
Consideration$3,892,007
ApplicantConstellation Brands New Zealand Limited
Constellation Brands Inc, United States of America (100.0%)
VendorGlazebrook (Arthur Derek, William Alexander, and Howard Michael) as trustees of the Michael Glazebrook Trust and Pastoral Services Limited
New Zealand (100%)
Background

The Applicant is acquiring the land for the purposes of expanding its vineyards and winery business.

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 productivity
17(2)(a)(iv) – Greater efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(e) – Previous investments
28(g) – Enhance the viability of other investments
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders

More informationTara Wylie
Simpson Grierson
Private Bag 92518
Wellesley Street
AUCKLAND