| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 27 September 2023 |
| Pathway(s) | Sensitive land - Benefit test |
| Investment | Acquisition of leasehold interest in approximately 53.3313 hectares of land located at 67A Mercer Road, Pukekawa. Being part of the purchase of 100% of the business assets currently held by Mercer Sand Limited (trading as Mercer Sand Quarry). |
| Consideration | $3,500,000 |
| Applicant | Holcim (New Zealand) Limited Switzerland 34% North America 24% United Kingdom and Ireland 9% Continental Europe 9% Various 24% |
| Vendor | Mercer Sand Limited New Zealand 100% |
| Background | The Applicant is a supplier of cement, aggregates and ready mixed concrete in New Zealand. The Applicant is ultimately owned by Holcim Limited, a publicly listed company based in Switzerland. The Land is currently used to operate a natural sand quarry and is currently leased by the Vendor from a third party. The Applicant intends to upgrade and develop the existing quarry to increase output, and to expand the quarry area. The main benefits to New Zealand are likely to include additional capital for development purposes, increased productivity, and advancement of government policy by supporting the residential housing development industry. Consent was granted as the Applicant met the investor test criterion and the benefit likely to occur as a result of the investment will result in a benefit to New Zealand. |
| More information | Ben Paterson Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |