DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 July 2011
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of beneficial rights or interests in a further 7.0% share of the property of the Walter Peak Station Trust which owns or controls:

  • a freehold interest in 335.3326 hectares of land at Walter Peak Station; and
  • a crown lease under section 83 of the Land Act 1948 in 25758.2411 hectares of land at Walter Peak Station.
ConsiderationCONFIDENTIAL
ApplicantAurum Holdings MKI Limited
Morris Kahn, Monaco (100.0%)
VendorIan G Koblick Revocable Trust
Koblick (Ian and Tonya), United States of America (100.0%)
Background

The transaction restructures the ownership of Walter Peak Station, thus preserving the working relationships and common philosophy shared by the current owners. DMC (RE) Limited is acquiring a further 4.7% share of the property of the Walter Peak Station Trust (refer case 201110073).

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/Retention of jobs

Overseas Investment Regulations 2005
28(e) – Previous investments
28(g) – Enhance the viability of other investments
28(j) – Mitigating Factor

More informationJohn Williamson
Checketts McKay (Alexandra)
PO Box 41
ALEXANDRA