|Decision ||Consent granted|
Section 12(a) Overseas Investment Act 2005
|Decision maker||Overseas Investment Office|
|Decision date||30 November 2018|
|Investment||An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 27.3400 hectares of land at 5 Swann Road, Lowburn, Cromwell.|
|Applicant||Aotearoa New Zealand Fine Wine Estates LP |
United States of America (100%)
|Vendor||Roger Simon Gibson and Mary Jean Gibson|
New Zealand (100%)
The Applicant is a joint venture between Steve Smith MW, an internationally recognised New Zealand winemaker, and Brian Sheth, co-founder and president of Vista Equity Partners.
The Applicant plans to develop a premium fine wine brand in New Zealand and has acquired the Investment as part of this strategy. It has already acquired two other land parcels on which it is undertaking vineyard development works, and also plans to undertake similar works on the land.
The benefits that are likely to result from the Investment include the creation of new permanent jobs, oversight and participation by New Zealanders (being Steve Smith MW) and an increase in export receipts.
The Investment will also increase the productivity of the land and introduce into New Zealand new capital for development purposes for the construction of processing and visitor facilities on the land. Combined we consider the benefits to New Zealand that are likely to occur as a result of the Investment are substantial and identifiable.
|More information||John Brown|
Brown Partners Lawyers
P O Box 1496