DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision Date7 December 2017
Investment

An overseas investment in sensitive land and significant business assets, being the Applicant's acquisition of management rights of certain US companies that control limited partnerships that own sensitive land and significant business assets in New Zealand, including approximately:

  • 28,364.5571 hectares of forestry land in Otago;
  • 2,995.9237 hectares of forestry land in Clutha;
  • 1,528.8943 hectares of forestry land in Taupo;
  • 396.1872 hectares of dairy farm land in Canterbury; and
  • 268.2492 hectares of vineyards in Marlborough.
Consideration$3,495,996
ApplicantTRG Allocation LLC
United States of America (79.36%)
Thailand (9.14%)
Philippines (9.14%)
Singapore (2.36%)
VendorGMO Renewable Resources, LLC
United States of America (71.317%)
New Zealand (28.683%)
Background

The Applicant is part of a specialised asset management firm that focuses exclusively on investing in emerging markets.

As part of a global merger between the Applicant and the Vendor, the Applicant will acquire the management rights of certain general partner companies that manage certain limited partnerships that own (via subsidiary companies) sensitive land and significant business assets in New Zealand.

The Applicant is not acquiring a beneficial interest in the sensitive land and significant business assets as a result of the Investment.

The investment is likely to result in the following benefits to New Zealand:

  • maintaining New Zealand’s overseas image and international relations by allowing a global transaction that contains a minor New Zealand element to proceed; and
  • the creation of two ongoing full-time jobs with the New Zealand-based investment team.
More informationDavid J Quigg
Quigg Partners
PO Box 3035
WELLINGTON 6140