| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 8 April 2021 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand – Substantial & identifiable) |
| Investment | Freehold interests in approximately 254.3343 hectares of non-urban land at Tangoio Settlement Road, Tangoio |
| Consideration | $3,100,000 |
| Applicant | Hermann Tobias Hagenmeyer Germany (100%) |
| Vendor | Beverley Coila Doohan, Michael Owen Doohan, Stephen John Doohan, Daniel Peter Doohan, Stephen Hugh Reaney and CDT (Doohan) Limited New Zealand (100%) |
| Background | The Applicant is a German citizen, and was the CEO and owner of the GETRAG Group, one of the world’s largest suppliers of transmission systems for passenger cars and commercial vehicles. The Land is currently used as a sheep and beef farm near the Applicant’s existing property. The Applicant intends to use part of the Land (and part of his existing property) for a wildlife sanctuary, and part of the Land for a manuka forest and honey business. The overseas investment is expected to lead to consequential benefits being increased indigenous vegetation and wildlife; additional investment; and increased jobs establishing and maintaining the wildlife sanctuary, manuka forest, and honey business; increased manuka honey export receipts; and public walking access over part of the Land. Ministers granted consent to the investment because they considered the benefit likely to occur as a result of the investment to be substantial and identifiable. |
| More information | Susie Kilty Buddle Findlay (Wellington) PO Box 2694 WELLINGTON 6140 |
See the attached assessment report linked below, which was published in response to an Official Information Act request:
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