| 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 | 16 October 2025 |
| Pathway | Sensitive land - Farm land benefit test |
| Investment | Acquisition of a freehold interest in approximately 845 hectares of land located in Clydevale, Otago at: • 134 Clutha River Road; • 246 and 480 Clutha River Road; and • 171 Hall Road. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | NZ Dairy Holdings Trusco Pty Ltd as trustee for NZ Dairy Holdings Trust United States of America [withheld under s9(2)(b)(ii) of the Official Information Act] Japan [withheld under s9(2)(b)(ii) of the Official Information Act] Australia [withheld under s9(2)(b)(ii) of the Official Information Act] |
| Vendor | Argyll Dairy Farm Limited and McCallbraes Dairy Limited New Zealand 75% Europe 17% Germany 6% Various 2% |
| Background | The Applicant is an investment vehicle for Australian agricultural investment firm, Laguna Bay. The Applicant is ultimately majority beneficially owned by pension funds administered by the Washington State Investment Board. It is buying three adjoining dairy farms in Otago. The Applicant intends to upgrade the farms by installing five irrigation pivots to cover almost 300 hectares, extend an existing effluent reticulation from three milking sheds and invest in other farm infrastructure. The capital investment in irrigation is likely to result in greater production and export of milk solids. The Applicant will lease the dairy farms to a New Zealand associate for continued operation. The main benefits to New Zealand are the introduction of capital for development purposes, increased productivity, increased export receipts and creation of additional jobs. Consent was granted as Ministers considered that the Applicant met the investor test criterion and the investment is likely to benefit New Zealand. Ministers also considered that the economic benefits that were likely to occur were substantial. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | Catherine Reid, Barrister catherine@catherinereid.co.nz |
Documents related to this decision were published on 3 December 2025 as part of an Official Information Act response:
- Last updated