Applicant
Cumberland Dairy Farm Limited
Case number(s)
201420001
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date10 December 2014
InvestmentAn overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 964.3839 hectares of land at 154 Klondyke Road, Montalto, Canterbury.
ConsiderationWithheld under s(9)(2)(b)(ii) of the Official Information Act
Applicant

Cumberland Dairy Farm Limited
Canadian Government (100.0%)

VendorKlondyke Dairy's Limited
New Zealand (100%)
Background

The Applicant is ultimately, indirectly, owned by the Public Sector Pension Investment Board. The land is currently being used as a dairy farm. The Applicant intends to develop the farming operation 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
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiency/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(c) – Trout, salmon, wildlife and game
17(2)(e) – Walking access
17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy

More informationPip England
Chapman Tripp
PO Box 2206
AUCKLAND 1140