DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date16 February 2016
InvestmentAn overseas investment in sensitive land, being the Applicant's subsidiary’s (Apollo Apples (2014) Limited) acquisition of a leasehold interest in approximately 17.3200 hectares of land at 42 Raymond Road, Haumoana, Hawkes Bay.
Total Lease Consideration$1,301,306
ApplicantT&G Global Limited
Federal Republic of Germany, Germany (73.07%)
New Zealand Public (26.8074%)
Various overseas persons (0.1226%)
VendorEndsleigh Cottages Limited
New Zealand (100%)
Background

Apollo Apples (2014) Limited, a 100% subsidiary of T&G Global Limited intends to acquire the land to develop an orchard.

As the land has previously been used for cropping, the development of an apple orchard is likely to create job opportunities, as well as increased export receipts for New Zealand exporters.

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)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiency or productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(e) – Previous investments
28(j) – Oversight and participation by New Zealanders

More informationJoe M Windmeyer
Russell McVeagh
PO Box 8
AUCKLAND
Last Updated: 8 March 2017