DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date24 February 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 11.41 hectares of land at 304 Te Mata Mangateretere Road, Hastings.
Consideration$814,993
ApplicantT&G Global Limited
Federal Republic of Germany (73.99%)
People's Republic of China (19.99%)
New Zealand (5.93%)
Various overseas persons (0.09%)
VendorDavid Hamilton Stewart, Helen Anne Stewart and Roger Peter Sinclair as trustees of the Stewart Family Trust
New Zealand (100%)
Background

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

We are satisfied the Investment is likely to create job opportunities, as well as increased export receipts and royalties for Plant and Food Research (a Crown Research Institute).

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 and productivity

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationJoe Windmeyer
Russell McVeagh
PO Box 8
AUCKLAND