Applicant
Craigmore Farming NZ Limited Partnership
Case number(s)
201510021
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date10 June 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 83 hectares of land at New Park Road, Eiffelton, South Canterbury.
Consideration$4,000,000
ApplicantCraigmore Farming NZ Limited Partnership
United Kingdom Public (32%)
Continental European Public (28%)
Various overseas persons (35%)
New Zealand Public (5%)
VendorAJC Farming Co Limited
New Zealand (100%)
Background

The Applicant intends to extensively develop the land (currently used for cropping) for incorporation into its adjoining Wairepo dairy farm operation.

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) – Creation 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
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(g) – Enhance the viability of other investments
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders

More informationMichael Beck
Duncan Cotterill 
PO Box 5
Christchurch 8140