Applicant
Lees Valley Station LLC
Case number(s)
201420110
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) and 12(b) Overseas Investment Act 2005
Decision date29 April 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 369 hectares of land at 452 Raineys Road, View Hill, Oxford (Gleneyre Farm).
Consideration$11,320,000
ApplicantLees Valley Station LLC
United States of America (100%)
VendorGleneyre Limited
New Zealand (100%)
Background

The Applicant intends to develop Gleneyre Farm primarily for dairy support to be managed in conjunction with Lees Valley Station, in order to enhance the operational efficiencies and productivity of both farms.

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) – Retention of Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity and efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests

More informationAbby Tearle
Kensington Swan 
PO Box 10246
WELLINGTON 6143

 

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