DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date2 June 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 7.0000 hectares of land at 252 Thompson Road, Havelock North.
Consideration$649,613
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%)
VendorJohn R Orton
New Zealand (100%)
Background

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

We consider the Investment is likely to result in 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) – Added market competition/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