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”)
Case number(s)
202200396
Decision date
Type
Decision
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