| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 12 February 2024 |
| Pathway(s) | Sensitive land - Farm land benefit test |
| Investment | Acquisition of a freehold interest in 245.0147 ha at 4336 State Highway & 63 Wairau Valley, Marlborough |
| Consideration | $55,000,000 |
| Applicant | Treasury Wine Estates (Matua) Limited Australia 35% United States of America 27% United Kingdom 8% Various 30% |
| Vendor | Weta Estate Limited New Zealand 100% |
| Background | The Applicant is a New Zealand company ultimately owned by ASX-listed company Treasury Wine Estates Limited. The land is currently used as a vineyard. The Applicant intends to continue to operate the land as a vineyard, with a special focus on Sauvignon Blanc. The key benefits likely to occur as a result of the investment are the creation of jobs, increased capital expenditure, increased productivity and export receipts, environmental benefits in the form of riverbank protection works and sustainability initiatives, as well as general positive impact on the Marlborough region. Consent was granted as the Applicant has met the investor test criterion and the benefit likely to occur as a result of the Investment is likely to benefit New Zealand. |
| More information | Tessa Baker Chapman Tripp (Auckland) |