| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 16 March 2020 |
| 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 leasehold interest in 69.59 hectares of land at 65 Waiohiki Road, Waiohiki, Hawkes Bay. |
| Consideration | $7,312,500 |
| Applicant | T&G Global Limited German Public (73.99%) Chinese Public (19.99%) New Zealand Public (5.93%) Various overseas persons (0.09%) |
| Vendor | Brownrigg Agriculture Group Limited and Hill Country Holdings Limited Brownrigg Agriculture Group Limited: New Zealand Public 75.10% Saudi Arabian Public 22.41% Australian Public 2.49% Hill Country Holdings Limited: New Zealand Public 100% |
| Background | The Applicant seeks to acquire land at 65 Waiohiki Road, Waiohiki, which is currently used as an apple orchard, with some of the land being used for short term seasonal crops. The Applicant intends to replant the majority of the land in high value Envy, Jazz, Lady in Red and Ju Gala varieties of apples. We are satisfied the redevelopment of the land is likely to result in substantial and identifiable benefit to New Zealand through increased jobs, export receipts, capital expenditure, royalties paid and increased productivity and efficiency on the land. The Applicant has also demonstrated that it has provided benefit to New Zealand through previous investments. |
| More information | Joe Windmeyer |