DecisionConsent Granted
Section 12(b) Overseas Investment Act 2005
Decision date24 September 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 50.0% of the shares of New Zealand Pastures Limited which will indirectly own or control a freehold interest in approximately 23,471 hectares of land being seven sheep and beef farms located in the South Island (known as Three Rivers, Grantham Springs, Hitchin Hills, Quailburn, Hills Creek, The Styx and Huntleigh).
ApplicantDuxton Asset Management Pte Ltd, for itself and as investment manager for Duxton Agricultural Land Fund and Stichting Pensioenfonds ABP
Netherlands (93.7%)
Cayman Islands (5.3%)
Singapore (1.0%)
VendorFormer shareholders of Greenfield Rural Opportunities Limited and Lakeview Rural Holdings Limited
New Zealand Public, (96.52%)
United Kingdom Public (3.48%)

Duxton Asset Management Pte Ltd is an investment manager which represents itself and two overseas investment funds for the purposes of this transaction. The new overseas investment capital will allow the current farming model to continue to develop and lift productivity on the farms.

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) – Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity and efficiencies
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)(d) – Historic heritage
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(c) – Affect image, trade or international relations
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests
28(j) – Mitigating factor

More informationCraig Nelson
Simpson Grierson
Private Bag 92518
Wellesley Street