The Overseas Investment Office has released the following decisions for this month.

Schedule of Deletions

Schedule of deletions in terms of section 17 of the Official Information Act 1982 and under the provisions of sections 9(2)(a) and/or 9(2)(b)(ii) and/or 9(2)(ba)(i) of that Act.

Case Number:

201210090


Statistical information on Overseas Investment Office decisions for July 2012

The following statistical information shows consents granted or declined by the Overseas Investment Office for the sale of New Zealand land, business assets and fishing quota to overseas persons.  It does not necessarily indicate that a sale has taken place or will take place.  In addition, if a transaction for which consent is granted does proceed to sale, that sale will always take place after the consent has been granted.  The settlement date will depend on the contractual arrangements between the vendor and the purchaser.

Value of investments to New Zealand

The table below shows the net dollar investment value to New Zealand and gross value of consideration of consents granted to overseas persons in July 2012 and for the 2012 calendar year to date.

Net investment dollars

“Net investment dollars” represent the total dollar value invested in New Zealand. For example, if a New Zealander sells a $100 million business to an Australian then the whole $100 million is added to the net investment total. However, if for instance the New Zealand asset was 100% Japanese owned, then $0 would be added to the net investment total. Thus, the net change in ownership of New Zealand assets is captured in the "total" net investment figure.

Gross value of consideration

“Gross value of consideration” represents the total consideration including GST (if any) to be paid for the acquisition of the assets, or the value attributed to those assets, under consents granted during the relevant period.  The “gross value of consideration” figure for July includes consideration paid by New Zealanders (for example, an acquisition of a business by a New Zealand/Australian joint venture), and will not reflect the net change in ownership of New Zealand assets.

Consideration

The reference to “consideration” refers to the amount proposed to be paid for the acquisition by the purchaser.

Asset value

“Asset value” refers to the value of assets  of the person being acquired (or the person being acquired and its 25% or more subsidiaries)..

 July 2012Jan-July
2012
Jan-July
2011
Number of approvals65683
Net Investment $ConfidentialConfidential1,038,821,314
Gross value of considerationConfidentialConfidential10,139,274,018
Asset Value663,000,000899,029,114313,875,000

In terms of net investment, the three largest approvals by the Overseas Investment Office in 2012 to date, that can be disclosed were for:

  • IAG New Zealand Limited’s proposed acquisition of the assets and liabilities of AMI Insurance Limited – a “net” investment of  $380,000,000; and
  • Baywa Aktiengesellschaft’s proposed acquisition of up to 100% of the shares and options of Turners and Growers Limited – a “net” investment of $102,044,949; and
  • AMP NZ Office Bowen Campus Limited’s proposed acquisition of 1.4313 hectares of freehold land located at 34 – 38 Bowen Street Wellington– a “net” investment of $14,112,000.

Total land area approved for sale to overseas persons

The tables below show the net and gross area of land (in hectares) for which consent was granted to overseas persons in July 2012 and for the 2012 calendar year to date.

Net hectares

"Net hectares" represents the total land area proposed to be transferred into foreign ownership under consents granted during the relevant period.  For example, if a New Zealander sells 10 hectares to someone from overseas, the whole 10 hectares is shown.  However, if the seller was a company that was 50% New Zealand owned and 50% foreign owned then only five hectares would show in that column. Five hectares represents the "net" change in foreign ownership of New Zealand land.

Gross hectares

“Gross hectares” represents the total land area proposed to be acquired under consents granted during the relevant period.  The figure will not show the seller’s New Zealand ownership share (if any) (unlike the “net hectares” figure) and will include land that is proposed to be acquired by New Zealand interests as well as overseas interests (for example, under a New Zealand/Australian joint venture).

Freehold land approved for sale

 July 2012

Jan-July 2012

Jan-July 2011
Number of approvals64565
Net land area (ha)1,42220,59634,664
Gross land area (ha)1,47525,48590,285

In terms of “net” freehold land areas, the three largest approvals by the Overseas Investment Office in 2012 to date that can be disclosed were for:

  • Milk New Zealand Holding Limited’s proposed acquisition of 7,892.5180 hectares of freehold land situated at various locations in the North Island – a “net” land area of 7,892.5180 hectares; and
  • Craigmore Sustainables (Forestry) N.V. & Craigmore Sustainables LLP’s proposed acquisition of 100% of the shares of Forestry New Zealand Limited which owns or controls 8,688.0269 hectares of freehold land located at Tiniroto Road (Riversdale - Wairoa), Sugar Loaf Road (Birch Hill – Pongaroa), Duncan Road (Makiri – Gisborne), Poroporo Road (East Cape), Oio Road (Patua – Taumaranui), Mangapoike Road (Te Puna – Wairoa) and Bruce Road (Waihora - Gisborne); and
  • William P Foley II’s proposed acquisition of a further 25% of the shares of Wharekauhau Country Estate Limited which owns or controls 1,439.0082 hectares of freehold land situated at Wharekauhau and Wharepapa farms in the Wairarapa – a “net” land area of 1,439.0082 hectares.

Other interests in land approved for sale (for example leases and crown pastoral leases)

 July 2012Jan-July 2012Jan-July 2011
Number of approvals01019
Net land area (ha)025922,330
Gross land area (ha)041384,804

In terms of “net” other interest land areas, the three largest approvals by the Overseas Investment Office in 2012 to date that can be disclosed were for:

  • ANZCO Foods Limited’s proposed acquisition of 210 hectares of leasehold land situated at Mossy Creek Road Ikamatua, West Coast – a “net” land area of 154.7096 hectares; and
  • Baywa Aktiengesellschaft’s proposed acquisition of up to 100% of the shares and options of Turners and Growers Limited which owns or controls 195.0650 hectares of leasehold land in the Bay of Islands, Riwaka and Doubtless Bay areas – a “net” land area of 74.3670 hectares; and
  • Vineyard At Te Awanga Limited’s proposed acquisition 14.8 hectares of leasehold land situated at 2831 Roys Hill Road, SH 50, Hastings – a “net” land area of 14.8 hectares.

Approvals under the Fisheries Act 1996

The table below show the net fishing quota for which consent was granted to overseas persons in July 2012 and for the 2012 calendar year to date.

 July2012Jan-July 2012Jan-July 2011
Number of approvals000
Net tonnes of Annual Catch Entitlement000
Gross tonnes of Annual Catch Entitlement000
Net Quota shares000
Gross Quota shares000

Applications declined

The table below shows investments for which consent was declined in July 2012 and for the 2012 calendar year to date.

 July 2012Jan-July2012Jan-July 2011
Number of Declines005
Total proposed purchase price ($)0043,337,489
Total proposed area to be acquired (ha)0081

For more information contact:

Overseas Investment Office
Land Information New Zealand
Ph: 04 462 4490
Email: oio@linz.govt.nz