| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 28 October 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 148.3346 hectares of land at 530 New Renwick Road, Marlborough. |
| Consideration | $16,389,000 |
| Applicant | Pernod Ricard Winemakers New Zealand Limited United States Public (31.2%) French Public (28.1%) Various overseas persons (24.3%) United Kingdom Public (8.9%) Belgium Public (7.5%) |
| Vendor | Fairhall Vineyards Limited Brian Chang, Singapore (100.0%) |
| Background | In the 1990s Montana Wines Limited (now ultimately owned by Pernod Ricard S.A, the parent company of the Applicant) sold the land to the Vendor and entered into a lease for the land. The land is currently a vineyard with the grapes used for the Applicant's wine labels (such as Brancott Estate). The lease allowed for the Applicant to buy back the freehold for the land, and the Applicant has exercised the option to do so. The Applicant plans to further develop the vineyard and increase the number of vines on the land, which is likely to lead to an increase in the quantity of grapes produced 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 Overseas Investment Regulations 2005 |
| More information | Andrew Petersen Bell Gully PO Box 4199 AUCKLAND 1140 |