Applicant
Craigmore Farming NZ LP
Case number(s)
201410013
Decision date
Type
Decision
DecisionConsent granted retrospectively
Section 12(a) Overseas Investment Act 2005
Decision date8 May 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 403 hectares of land located at 96 Pig Island Rd, Windsor, North Otago (Waiareka Farm).
Consideration$12,325,000
ApplicantCraigmore Farming NZ LPUnited Kingdom Public (36%)Hong Kong Public (17%)German Investors, Germany (11%)New Zealand Public (10%)Various (26%)
VendorNorth Otago Farm Limited
New Zealand (100%)
Background

The Applicant intends to develop the Land in order to realise the full potential of the dairy farming operation carried out on the Land. Major development includes a new 54 bale dairy shed, new housing, irrigation and general infrastructure improvements.

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 and 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

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(i) – Economic interests
28(j) – Oversight and participation by New Zealanders

More informationChristina Lefever
Duncan Cotterill
PO Box 5
CHRISTCHURCH
Retrospective penaltyNo penalty applied.