Overseas investment decision for case 201410078 - Terroir Winery Fund LP

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in a further 42.03% of the securities of Trinity Hill Limited (whereby the Applicant will, in total, hold up to 67.02% of the securities of Trinity Hill Limited), which owns or controls:

• a freehold interest in approximately 19.0136 hectares of land at Gimblett Road (Certificates of Title HBV1/260 and HBV1/261); and
• a freehold interest in approximately 17.9895 hectares of land at State Highway 50, Hastings (Certificate of Title 16848); and
• a freehold interest in approximately 10.4881 hectares of land at 125 Gimblett Road, Hastings (Certificate of Title 63052); and
• a freehold interest in approximately 8.2400 hectares of land at State Highway 50, Hastings (Certificates of Title HBW4/865 and HBW4/864); and
• a freehold interest in approximately 35.7600 hectares of land at 1700 Raukawa Road, Hastings (Certificate of Title 444776).

Trinity Hill Limited is in the business of growing wine grapes and producing, marketing and selling wine.  The Applicant currently owns 24.99% of the securities in Trinity Hill Limited and is seeking to increase its interests in Trinity Hill Limited to 67.02%.  The Applicant’s increased shareholding in Trinity Hill Limited will ensure a continuation of North American sales and distribution contacts.

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)(iii) – Increased export receipts
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(e) – Previous investments
28(j) – Oversight and participation by New Zealanders.