Section 12(a) Overseas Investment Act 2005
|Decision Maker||The Minister for Land Information and the Associate Minister of Finance|
|Decision Date||12 August 2019|
|Investment||An overseas investment in sensitive land, being the Applicant's acquisition of:|
|Consideration||Withheld under s9(2)(b)(ii) of the Official Information Act|
|Applicant||Global Ag Properties II New Zealand Limited Partnership|
United States of America (29.0%)
United Kingdom (6.2%)
South Korea (3.3%)
Saudi Arabia (3.3%)
|Vendor||The Wine Portfolio Limited and Ascross Investments Limited|
John Coney, Canada (100.0%)
The Applicant is a New Zealand limited partnership incorporated to acquire and hold vineyard properties and assets in New Zealand.
The Investment consists of 6 existing vineyards, 1in Marlborough and 5 in the Hawkes Bay. The Applicant intended to continue to operate these as vineyards and to undertake replanting of some of the vines which were diseased as well as replanting some vines with more popular varietals.
For consent to be granted, Ministers’ needed to be satisfied that the Investment would result in substantial and identifiable benefit to New Zealand. Both Minister Sage and Minister Clark were not satisfied that the investment would result in a substantial and identifiable benefit to New Zealand.
|More information||Ross Pickmere|
Minter Ellison Rudd Watts
PO Box 3798