| Decision | Consent granted Section 12(a) and 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 4 December 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 50% of the shares of Darrochs Grazing Limited which owns or controls a leasehold interest in approximately 406ha of land located at Darrochs Road, Bankside, Selwyn, Canterbury (Riverfields Farm). |
| Consideration | $62,000,000 |
| Applicant | Southern Pastures Limited Partnership Sweden (58.4%) Luxembourg (22.2%) Germany (16.8%) New Zealand (2.6%) |
| Vendors | Longmead Farm Limited Canterbury Pastoral Limited Kenburn Farm Limited Existing shareholders of Darrochs Grazing Limited |
| Background | The Applicant intends to operate the properties as part of its South Canterbury portfolio, and will increase performance by creating an additional dairy farm (to be converted from existing dairy support land), increasing cow numbers, improving irrigation infrastructures, installing in-shed feeding systems, increasing pasture renewal and building additional housing. 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 | Chris Bougen Chapman Tripp PO Box 993 WELLINGTON 6140 |