Applicant
Inghams Enterprises (NZ) Pty Limited
Case number(s)
201720020
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date29 November 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 7 hectares of land at 569 Te Mawhai Road, Tokanui.
Lease PaymentAnnual Rental of 8.5% of the total budgeted capital costs of the project
ApplicantInghams Enterprises (NZ) Pty Limited
Various overseas persons (26.6%)
TPG Asia SF V PTE. Ltd, Singapore (20.8%)
TPG Asia VI SF Pte. Ltd, Singapore (17.5%)
AustralianSuper Investments Pty Ltd as trustree for AustralianSuper Private Equity Trust, Australia (12.07%)
TPG Adam Co-Invest LP, United States of America (8.75%)
Mondrian Investment Partners, United Kingdom (5.83%)
Janus Henderson Investors, United Kingdom (4.35%)
Macquarie Asset Management, Australia (4.1%)
VendorWhakatipu Poultry Limited
James William Kirkham, New Zealand (50.0%)
Debra Lee Kirkham, New Zealand (50.0%)
Background

The land is currently part of a larger property used for dairy grazing. The Applicant will, with the land-owner, facilitate the construction of a poultry breeder farm and enter into a long term lease arrangement for that farm.

The benefits to New Zealand include:

  • the owner undertaking a substantial investment in the construction of a new poultry breeder farm on the Land;
  • introducing into New Zealand additional investment for the purchase of poultry farm equipment;
  • increasing the productivity of the land by converting from dairy support to poultry breeder farming;
  • increasing by a small extent the amount of chicken product that is processed in New Zealand; and
  • creating up to 15 short term job opportunities during the construction phase.
More informationDavid Matthews
Group General Counsel, Inghams Group Limited
dmatthews@inghams.com.au
Catherine Reid
Barrister
catherine@catherinereid.co.nz