|Toitū Te Whenua Land Information New Zealand
|26 June 2023
|Sensitive land (Farm land benefit test)
|An overseas investment in sensitive land being the Applicant’s acquisition of freehold interests in approximately:
RF CorVal NZ Pty Ltd (as trustee for RF CorVal NZ Sub Trust 2 and RF CorVal NZ Sub Trust 3)
|Mainland Poultry Limited and certain of its wholly owned subsidiaries, being Mainland Poultry Canterbury Limited, Natural Chicken Company Limited and Mainland Poultry Investments No. 3 Limited
New Zealand (27.71%)
United States (20.87%)
United Kingdom (10.40%
Cayman Islands (8.51%)
The Applicant is an Australian proprietary company (as trustee for two New Zealand sub trusts) and is 100% owned by CorVal Partners Limited, a specialist property fund manager incorporated in Australia.
The Applicant has been granted consent to acquire the Land and will lease the Land back to the Vendor (together with two non-sensitive properties) on separate triple net leases for initial terms of 30 years.
The Vendor is New Zealand’s largest egg producer and a major animal feed producer. The Vendor wishes to release the capital tied up in the ownership of the Land to support a greater level of growth in the business.
The Land is currently used for all aspects of shell egg and animal feed production and distribution. The Applicant intends to fund the next stage of the Vendor’s development of the Huirimu Site. The investment is intended to create New Zealand’s largest free range egg laying facility with capacity for 240,000 laying hens and 80,000 rearing hens.
The main benefits to New Zealand are likely to include at least $12,000,000 in capital expenditure developing the Huirimu Site, the creation of 40 fulltime positions for an 18 month period, during the construction of the next phase of development on the Huirimu Site and additional environmental protections in respect of the Huirimu Site, the Hillgrove Site and the Orini Site.