DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date4 December 2012
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 3,205 hectares of land comprised in up to 8 dairy farms located in the Waikato region.
Consideration$60,662,000
ApplicantSouthern Pastures Limited Partnership
Swedish Public (99%)
New Zealand Public (1%)
VendorCarter Holt Harvey HBU Limited and Rank Group Property Investments Limited
Graeme Richard Hart, New Zealand (100%)
Background

The Applicant is acquiring the properties to run as commercial dairy farms. The Applicant intends to increase sustainable production and develop the farming operations through additional capital expenditure, sound farming practices and good management.

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
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiencies and productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(c) – Trout, salmon, wildlife and game
17(2)(e) – Walking access
17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests
28(j) – Mitigating factor

More informationChris Bougen
Chapman Tripp
PO Box 993
WELLINGTON 6140