Applicant
Emerald Dairy Farm Limited
Case number(s)
201510036
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date15 September 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 280.0296 hectares of land at 357 & 243 Woodstock Road and 3408 South Eyre Road, Oxford.
ConsiderationWithheld under s(9)(2)(b)(ii) of the Official Information Act
ApplicantEmerald Dairy Farm Limited
Canadian Government (100%)
VendorBeauhill Trustee Limited as trustee of the Beauhill Trust
New Zealand (100%)
Background

The Applicant is ultimately, indirectly, owned by the Public Sector Pension Investment Board.

The land is currently being used as a dairy farm. The Applicant intends to acquire the Land for the purpose of dairy farming and milk production and will engage FarmRight to manage the Land for that purpose.

The Applicant intends to develop the farming operation on the land by:

  • increasing the stocking rate through an increase in herd size;
  • increasing production on the land; and
  • investing additional capital into the land for development purposes.

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) – Greater efficiency or productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy

More informationPip England
Chapman Tripp
PO Box 2206
AUCKLAND 1140