| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 16 May 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 426.0581 hectares of land at 1062 Carleton Road, Oxford. |
| Consideration | $18,250,000 |
| Applicant | Craigmore Dairy II LP European Public (58.8%) German Public (23.5%) United Kingdom Public (7.6641%) Hong Kong (SAR) Public (4.2337%) New Zealand Public (3.7025%) Various overseas persons (2.0998%) |
| Vendor | Magnum Dairy Limited Prattley Family, New Zealand (99.9%) Michael Peter Prattley, New Zealand (0.05%) Anne Marie Prattley, New Zealand (0.05%) |
| Background | The Applicant is part of the Craigmore Farming Group, which was founded by New Zealand citizen Forbes Elworthy. The land to be acquired through the Investment is currently farmed as a dairy farm and the Applicant intends to continue to operate it as such. The Investment is likely to lead to increased milk production, increased processing of milk in New Zealand and increased export receipts for milk products. The Investment is also likely to lead to greater efficiency and productivity, the creation of a full-time equivalent job opportunity and additional capital expenditure on several development projects. 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 | Oliver Roberts Duncan Cotterill PO Box 5 CHRISTCHURCH 8140 |