Applicant
Craigmore Farming NZ LP
Case number(s)
201410010
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date9 June 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 136 hectares of land at Tussocky Road, Enfield, North Otago (Abercairney Farm).
Consideration$4,200,000
ApplicantCraigmore Farming NZ LP
United Kingdom Public (35%)
Hong Kong Public (17%)
New Zealand Public (10%)
Various overseas persons (38%)
VendorAbercairney Farms Limited
New Zealand (100%)
Background

The Applicant intends to carry out extensive development to realise the full potential of the land and associated farming operations. Abercairney Farm shares a boundary with other dairy farms owned by the Applicant and will form an important part of Craigmore Group’s overall farming strategy in North Otago.

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) – Creation of Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiency and productivity
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