DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date27 June 2017
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1,583.1301 hectares of land at 558 Te Kumi Road, Waikura. Gisborne District.

An overseas investment in sensitive land, being Monte Farm & Forest Limited’s acquisition of a leasehold interest in approximately 1,583.1301 hectares of land at 558 Te Kumi Road, Waikura. Gisborne District from the Applicant.

Consideration$7,000,000
ApplicantMonte Capital Limited
Christian Welte, Switzerland (100%)
VendorKaren Ann McLanachan
New Zealand (100%)
Background

The Applicant intends to acquire Te Kumi Station, which is currently used for sheep and beef farming, and lease the land to Monte Farm & Forest Limited to farm sheep, beef and deer on the property. The Applicant also intends to plant pine and mānuka on parts of the land both to control erosion and for commercial forestry purposes.

The overseas investment is likely to lead to enhanced walking access along the three waterways that border Te Kumi Station, environmental protection measures including some predator control, and the introduction of capital for development. The Applicant also intends to create a small number of job opportunities and introduce deer farming on the land which is likely to result in some additional processing in New Zealand and export receipts.

The Applicant has existing investments in New Zealand in sheep and beef farming and forestry that have been or are of benefit to New Zealand, including investments in land adjoining Te Kumi 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)(iii) – Increased export receipts
17(2)(a)(iv) –Greater efficiency or 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)(e) – Walking access
17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(e) – Previous investments

More informationRachel Petterson
BlackmanSpargo
PO Box 6206
ROTORUA