| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 11 April 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 148.9153 hectares of land at 837 Rotongaro Road, Rotongaro, South Auckland. |
| Consideration | $6,000,000 |
| Applicant | Cobb-Vantress New Zealand Limited United States (82.1%) Various overseas persons (10.5%) United Kingdom (5.5%) Netherlands (1.9%) |
| Vendor | Kerr Farms Limited (NZCN 1029835) New Zealand (100%) |
| Background | The Applicant is the New Zealand operation of Cobb-Vantress, Inc (Cobb-Vantress), a major poultry research and development company. Cobb-Vantress, via the Applicant, intends to develop a facility for the production of chicken broiler-breeder grandparent stock, primarily for export in the Asia-Pacific region. Cobb-Vantress considers that New Zealand has a lower risk of poultry diseases (such as Avian Influenza) and will therefore offer a stable and disease free supply point. The Investment is likely to result in the creation of at least 70 new jobs at Rotongaro, near Huntly, as well as substantial capital investment to develop the production facility. The genetic stock to be exported are a high-value product, and the Investment is expected to increase New Zealand’s export revenue by approximately $40 million per annum. 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 | John Horner Quigg Partners PO Box 3035 WELLINGTON 6140 |