| Decision |
Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Toitū Te Whenua LINZ |
| Decision Date | 5 December 2022 |
| Pathway(s) | Sensitive land - (substantial and identifiable benefit to New Zealand) |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 6.7439 hectares of land at 116 Redoubt Road, Cambridge, Waipa District (“Land”) |
| Consideration | $1,825,000 |
| Applicant |
KSF Fund No One Pty Ltd (as trustee of the Karreman Superannuation Fund No. One) (“KSF Fund”) and Karreman Racing Pty Ltd (as trustee of the Karreman Racing Trust) (“Karreman Racing”) Australia (100%) |
| Vendor |
116 Callisto Limited New Zealand (100%) |
| Background |
The KSF Fund is a self-managed superannuation fund established for the benefit of Dirk and Anne Karreman. The fund holds numerous investments, including securities and real estate in Australia and New Zealand. Karreman Racing is a trading trust with Australian tax residency, that owns and operates a horse breeding, racing, and agistment business based in Australia and New Zealand. The Applicants seek retrospective consent for KSF Fund to acquire the freehold interest in the Land and then lease the Land to Karreman Racing. The Land adjoins the Oaks Stud in Cambridge, which is owned by KSF Fund. The Applicants intend to use the Land as a quarantine/isolation facility in immediate proximity to (but physically separate from) the main property comprising the Oaks Stud. The Investment is likely to support the continued operation (and enhance the viability) of the Oaks Stud, as having a quarantine/isolation facility will help prevent or manage any infectious diseases affecting any horses coming into, or located at, the stud farm. As such, the Investment is likely to help retain existing jobs and continue the existing level of export receipts, resulting in benefit to New Zealand. LINZ is satisfied that the investor test criterion has been and that the benefit likely to occur as a result of the Investment would result in substantial and identifiable benefit to New Zealand. |
| More information |
Christina Lefever Lefever Law www.lefeverlaw.co.nz |
| Retrospective penalty |
$20,000 |