DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date11 February 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1,317.2122 hectares of land at 1437 Manganui Road, Awakino, Northern Taranaki.
Consideration$6,000,000
ApplicantCeol & Muir Inc.
Rafael Grozovsky, Italy (50%)
Federico Grozovsky, Argentina (50%)
VendorG M Bryant Limited
New Zealand (100%)
Background

The Applicant intends to take over and develop the farming operation at the Onetai Station.

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) – Jobs
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access

More informationGerald Fitzgerald
Kensington Swan
PO Box 10-246
WELLINGTON 6143