Applicant
Vulpes Agricultural Land Investment Company Pte. Ltd.
Case number(s)
201420006
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date5 January 2015
InvestmentAn overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 159.8721 hectares of land at Far North Road, SH1, Northland.
Consideration$40,000,000
ApplicantVulpes Agricultural Land Investment Company Pte. Ltd.
Stephen Charles Diggle, United Kingdom (100%)
VendorKing Avocado Limited
New Zealand (100%)
Background

The land is currently being used to cultivate and farm avocados. The Applicant intends to take over and develop the avocado growing 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)(i) – Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests

More informationChris Bougen
Chapman Tripp
PO Box 993
WELLINGTON 6140