| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 4 June 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 355 hectares of land located at 2247 Tinwald Westerfield Mayfield Road, Mayfield, Ashburton (Mayfield Farm). |
| Consideration | $10,850,162 |
| Applicant | Dynamic Asset Management Company (Luxembourg) S.A. as manager of the DMC Fund FCP SIF (Luxembourg) Rentes Genevoises, Switzerland (99.6%) Swiss Public (0.4%) |
| Vendors | The Mounds Limited New Zealand (100%) |
| Background | The Applicant intends to convert the property into a dairy farm with the specific objective of producing high volumes of milk from pasture. Once converted, Mayfield Farm will milk approximately 1,200 cows through a 64-bale rotary cowshed with full automation, including the latest in infrastructure and technology to enable an efficient and productive farm management system which also meets sustainability requirements. 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 | James Dunne Chen Palmer PO Box 2160 Wellington 6140 |