| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 2 October 2020 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the retrospective and prospective acquisition of leasehold interests in 39.9178 hectares of land at 105 Bellevue Road, Hamilton. |
| Consideration | $15,414,017 |
| Applicant | CRV Limited |
| Vendor | Bellevue Enterprises Limited New Zealand (100%) |
| Background | The consent is mostly retrospective, but also allows the Applicant to extend its lease in future. The Applicant and two related companies have been leasing and operating their animal breeding businesses on the land since 2014. The Applicant is the second largest supplier of dairy genetic products in New Zealand. The Investment has resulted in increased export receipts and processing of primary products, like bull semen and embryos. It led to more investment in and productive use of the land, added market competition, and continued research and development by the Applicant. The Applicant was able to retain and create new jobs because of the Investment. |
| More information | Campbell Stewart Tompkins Wake PO Box 258 HAMILTON |
| Retrospective penalty | $10,000 |