| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 20 September 2024 |
| Pathway | Sensitive land – Farm land benefit test |
| Investment | Acquisition of freehold interest in approximately 205 hectares of land located at 5374 State Highway 63, Wairau Valley, Marlborough. |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Beehive Demetra Limited Germany 45% United Kingdom 15% Europe Region 20% North America 19% Various 1% |
| Vendors | Bruce Parick Mackenzie and Judith Irene Mackenzie New Zealand 100% |
| Background | The Applicant is a subsidiary of German company Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft (also known as Munich Re) and has been established to acquire New Zealand horticultural and viticultural land. The land is currently used for beef grazing and dairy support. The land is being subdivided from a larger parcel. The Applicant is purchasing 205 hectares, however, will only hold 117 hectares in the long term. The remaining area (88 hectares) will be held on trust by the Applicant during the subdivision process and then transferred back to the Vendor by February 2026. The Applicant will develop approximately 65 hectares of bare land by planting a vineyard consisting of Sauvignon Blanc wine grape varieties. The Applicant will be managed by New Zealand company Craigmore Sustainables NZ Ltd. The key benefits that will likely result from this investment are economic benefits in the form of new jobs, increased export receipts and capital investment. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to result in benefit to New Zealand. |
| More information | Christina Lefever Lefever Law PO Box 33064 Barrington Christchurch 8244 |