| 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 | 26 February 2024 |
| Pathway(s) | Sensitive land – Farm land benefit test |
| Investment | Acquisition of freehold interest in approximately 39.6020 hectares at Sugarloaf Drive, Mount Pisa, Central Otago |
| Consideration | $2,500,000 |
| Applicant | Cloudy Bay Vineyards Limited France 66% United Kingdom 34% |
| Vendor | Mervyn Nelson Shaw and Louise Margaret Shaw as trustees of the Seaview Farm Trust New Zealand 100% |
| Background | The Applicant is an established New Zealand winemaker, well-known for its Sauvignon Blanc wine. It is ultimately 66% owned by LVMH Moёt Hennessy Louis Vuitton SA, a multinational luxury brand conglomerate, and 34% owned by Diageo plc, a United-Kingdom based alcohol beverage company. The Applicant seeks to acquire the land to plant Chardonnay and Pinot Noir vines. The main benefits to New Zealand are likely to include increased export receipts, the creation of jobs and capital investment. Consent was granted as the Applicant met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Catherine Reid - Barrister catherine@catherinereid.co.nz |