| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 2 June 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 11.7660 hectares of land at Bedford Road, Marlborough. |
| Consideration | $2,200,000 |
| Applicant | Cloudy Bay Vineyards Limited Louis Vuitton Moet Hennessy SA, France (66.0%) Diageo Plc, United Kingdom (34.0%) |
| Vendors | Cross (Dene Andrew), Cross (Sarah Tiffany) and Ellwood (Dean Alan) (Trustees of the Cross Trust) New Zealand (100%) |
| Background | The Applicant is an owner and operator of vineyards in the Marlborough region. The Applicant is acquiring the land to secure a further supply of grapes, in order to increase its production and sales of premium-quality sauvignon blanc from the Marlborough region. 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 28(e) – Previous investments 28(g) – Enhance the viability of other investment |
| More information | Andrew Monteith Minter Ellison Rudd Watts PO Box 3798 Auckland 1140 |