DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date16 June 2017
Investment

An overseas investment in sensitive land, being:

  • AICO Limited’s acquisition of a freehold interest in approximately 189.5 hectares of land at 313 Pakonui Road, RD 1, Mangakino (the “Land”); and
  • AICO Farming Limited’s acquisition of a leasehold interest in the Land.
Consideration$3,600,000
ApplicantAICO Limited and AICO Farming Limited
Josef Gunter Unger, Austria (25%)
Hans Peter Ernst Hirt, Switzerland (25%)
Roger Alexander Hirt, Switzerland (25%)
urt Walter Bucher, New Zealand (12.5%)
Katharina Bucher, New Zealand (12.5%)
VendorKurt Walter Bucher and Katharina Bucher
New Zealand (100%)
Background

The Land to be acquired is currently operated as a heifer rearing farm. The Investment will result in significant upgrades to farm infrastructure and machinery, which will support the maintenance of a further 200 heifers.

The farm upgrades will require the creation of a new full time equivalent position and are also likely to improve productivity and efficiency on the farm.

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)(iv) – Greater efficiency/productivity
17(2)(a)(v) – Additional investment for development purposes

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

More informationSebastian Bucher
Chambers Craig Jarvis
P O Box 47 830
Auckland