Decision

Consent granted

Section 12(a) Overseas Investment Act 2005
Decision Date9 August 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 13.2845 hectares of land at 60 and 74 Orchard Road, Edgecumbe, Whakatane.
Consideration $6,630,000
Applicant

Craigmore Permanent Crop Limited Partnership
Germany (30.46%)
Hong Kong (SAR) (24.45%)
Switzerland (15.23%)
United Kingdom (13.71%)
Finland (9.14%)
United States of America (3.96%)
New Zealand (3.05%)

Vendor

Shaye Le Prou, Cole Shane Le Prou, and Cuvier Trustees Limited as trustees of the Cuvier Trust

New Zealand (100%)
Background

The Applicant is a limited partnership established as a horticulture investment vehicle and is part of the wider Craigmore Farming Group.

The land being acquired is currently being operated as a kiwifruit orchard growing a combination of G3 and Hayward kiwifruit. The Applicant intends to improve orchard production and returns by planting additional G3 kiwifruit vines, converting the entire orchard to G3 organic kiwifruit production, and upgrading infrastructure.

The benefits to New Zealand include:

  • creating additional direct and indirect jobs in relation to tending, picking, and packing kiwifruit;
  • increasing kiwifruit production;
  • increasing export receipts; and
  • capital investment for planting additional G3 kiwifruit vines, converting the entire orchard to G3 organic kiwifruit production, and upgrading infrastructure.
More information

Oliver Roberts
Duncan Cotterill
PO Box 5
CHRISTCHURCH 8140