Overseas investment decision for case 201410045 - Dairy Farms NZ Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	11 June 2014
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 434.3517 hectares of land at 196 & 274 Trig Pole Rd, Lowcliffe, Canterbury.
Consideration	$22,300,000
Applicant	Dairy Farms NZ Limited EGI - NZ Dairy LLC, United States of America (62.8%) New Zealand Public (25.6%) Mana Trust, New Zealand (11.6%)
Vendor	The Charlotte Joan Perkins and Estate R R Perkins Partnership New Zealand (100%)
Background	The Applicant intends to introduce additional investment to the dairy operation located on the property which is likely to result in increased milk production. 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) – Added market competition/productivity/efficiency 17(2)(a)(v) – Additional investment for development purposes 17(2)(a)(vi) – Increased processing of primary products Overseas Investment Regulations 2005 28(i) – Economic interests 28(j) – Oversight and participation by New Zealanders
More information	Andrew Petersen Bell Gully PO Box 4199 AUCKLAND 1140