Applicant
Southern Pastures Limited Partnership
Case number(s)
201510038
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date8 July 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 306ha of land located at Rakaia Terrace Road, Hororata, Canterbury.
Consideration$8,178,000
ApplicantSouthern Pastures Limited Partnership
Sweden (58%)
Luxembourg (22%)
New Zealand (2.5%)
Various (17.5%)
VendorInch (Murray Rex) and Inch (Barbara Anne);
Inch (Stephen Richard) and Inch (Rachel Claire) and Stanley (Stewart Allan) as trustees for the SR & RC Inch Family Trust
New Zealand (100%)
Background

The Applicant intends to convert two separate adjoining blocks, currently used for sheep/beef grazing, into a single irrigated dairy farm. The new dairy farm will be incorporated into and operated as part of the Applicant’s South Canterbury cluster of dairy farms.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation of Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders

More informationChris Bougen
Chapman Tripp 
PO Box 993
WELLINGTON 6140