Overseas investment decision for case 201620075 - Hermann Tobias Hagenmeyer

The Applicant is a German citizen and the former CEO and owner of Getrag Corporation, the world’s largest supplier of transmission systems for passenger cars and commercial vehicles.

The property is currently a lifestyle property with a eucalyptus plantation forest with some small areas of pinus radiata planting. The Applicant intends to purchase the land as a private lifestyle property and retain the services of a forest management company to manage the forested areas.

The overseas investment is likely to result in environmental benefits, including the introduction of an on-going predator control programme, approximately 15 hectares of new native planting on the land, enhanced protection of archaeological sites on the land, and funding for and the advancement of a beach plant refuge to regenerate native plants on a sand dune system on neighbouring land. The Applicant also intends to create a permanent caretaker’s role for the property and to undertake building projects, including a new guest house, which are likely to result in job opportunities for contractors.

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)(v) – Additional investment for development purposes
17(2)(d) – Historic heritage

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(f) – Advance significant Government policy or strategy