DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date7 June 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 508.4719 hectares of land at Land at 79 Beach Road and 468 Tangoio Settlement Road, Tangoio, Hawke’s Bay.
Consideration$12,000,000
ApplicantHermann Tobias Hagenmeyer
Germany (100%)
VendorKirikiri Part, LLC
Benjamin P Paulus, United States of America (14.2858%)
Lia G Beldin, United States of America (14.2857%)
Ana Sophia Augustenborg, United States of America (14.2857%)
Isabella Bingen, United States of America (14.2857%)
Michael J Paulus, United States of America (14.2857%)
Clinton J Paulus, United States of America (14.2857%)
Andrew E Beldin, United States of America (14.2857%)
Background

The Applicant is a German citizen and the former CEO and owner of Getrag Corporation, the world’s largest supplier of transmission systems for passenger cars and commercial vehicles.

The property is currently a lifestyle property with a eucalyptus plantation forest with some small areas of pinus radiata planting. The Applicant intends to purchase the land as a private lifestyle property and retain the services of a forest management company to manage the forested areas.

The overseas investment is likely to result in environmental benefits, including the introduction of an on-going predator control programme, approximately 15 hectares of new native planting on the land, enhanced protection of archaeological sites on the land, and funding for and the advancement of a beach plant refuge to regenerate native plants on a sand dune system on neighbouring land. The Applicant also intends to create a permanent caretaker’s role for the property and to undertake building projects, including a new guest house, which are likely to result in job opportunities for contractors.

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)(d) – Historic heritage

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(f) – Advance significant Government policy or strategy

More informationSusie Kilty
Buddle Findlay
PO Box 2694
WELLINGTON 6140