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Foreign investment in Aotearoa/New Zealand
Overseas Investment Office - August 2010 Decisions
Aussies Buy Glen Arlie And Stoneleigh Forests
A number of significant OIO approvals this month. Firstly, in two separate decisions PF Olsen Tisa Pty Limited as the corporate trustee of the Australasian Timberland Fund II Australian Public (85.8%) United Kingdom Public (13.2%) German Public (1%) received approval for the acquisition of: a freehold interest in 1,130 hectares of land at 899 Whitecliffs Rd, Coalgate, Canterbury: and secondly a freehold interest in 187.7 hectares of land at State Highway 30, Kopaki near Te Kuiti. The vendor for the first approval was McVicar Holdings Limited (owned by members of the McVicar family). The vendor for the second approval was Stoneleigh Forestry Limited Paul Anthony Smithies, New Zealand (63.1), Grant Keith Baker New Zealand (31.6%), Stephen John Sinclair New Zealand (5.3%). Consideration for both transactions was stated as confidential.
With regard to the first approval, the OIO states: "PF Olsen Tisa Pty Limited is the corporate trustee for the Australasian Timberland Fund II (the Fund) and manages the Fund but it has no beneficial ownership of it. The Fund was formed specifically as a vehicle for the purchase of forestry interests in Australasia. The Applicant proposes to acquire the land known as the Glen Arlie Forest which contains 888.9 hectares of forest that has been established between 1974 and 2009. Both the Applicant and the Fund have been established for the purpose of investing in forests in Australia and New Zealand. The objective of the Applicant in making the Investment is to obtain a reasonable return on investment in the business of growing forests on this land".
With regard to the second approval, the OIO states:" The Australasian Timberland Fund II (the Fund) was formed specifically as a vehicle for the purchase of forestry interests in Australasia. The Applicant proposes to acquire the land known as the Stoneleigh Forest which contains a radiata pine forest that was established in 1993. Both the Applicant and the Fund have been established for the purpose of investing in forests in Australia and New Zealand. The objective of the Applicant in making the Investment is to obtain a reasonable return on investment in the business of growing forests on this land". See our commentaries for October 2008 and September 2009 for details of other land/forestry purchases here by PF Olsen Tisa Pty Ltd
Back to TopAnd Americans Take Control Of Athlone Forest
Blakely Pacific Limited Eddy Family, United States of America (100%) received approval to acquire a freehold interest in 783.6 hectares of land at Athlone, Waimate, South Canterbury. Consideration was stated as confidential. The vendor was Waimate District Council New Zealand (100%). The OIO states: "The Applicant owns approximately 28,726 hectares of freehold land in New Zealand and holds a forestry right over 882.39 hectares. Of this land area, approximately 22,445 hectares is in production forest being predominantly radiata pine and douglas fir. The Applicant proposes to acquire the land known as the Athalone (sic) Forest which is currently planted in predominantly pinus radiata forestry with some areas of other species. The Athalone (sic) Forest adjoins the Waimate Forest which has been owned by the Applicant since 1999. The acquisition of the land is consistent with the Applicant's continuing forestry investment strategy in New Zealand" . The reasons behind the Council's sale were reported by the Oamaru Mail (23/4/10).
"The Waimate District Council agreed on Tuesday to sell Athlone and Charnwood forests to local employer Blakely Pacific. The company owns the adjoining forestry block and is well-known in the district, a Council statement said yesterday. The Council unanimously agreed at its monthly meeting on a Sale and Purchase of the forests, which will now go to public consultation. Meanwhile, the Waihao forestry block, as well as several joint ventures and reserves, will be retained by the Council.
"Mayor John Coles said he and Councillors believed the sale agreement was in the best interests of the ratepayers. 'Councillors and staff have been working on this project for nearly two years and have conducted an exhaustive investigation involving professional forestry advisors, culminating in the tender process and subsequent negotiations'. Submissions to the sale close on May 21 and hearings will be held on May 26. n 2006, the Council anticipated a profit of $4 million from forestry assets and began feeding $200,000 a year back into rates. However, forestry prices deteriorated and expected profits dropped to around $2 million. Forestry consultants advised the Council last year the forests' condition, growth stage, waiting time to harvest, silviculture costs and deteriorated log prices meant the $200,000 rates top-up was not sustainable.
"As a result, the Council was forced to consider selling the asset. 'Because no income was generated from sales, this had resulted in a rising debt in the forestry account. The volatile and long-term nature of forestry has proven to councillors that this policy is not viable', Mr Coles said. 'Part of the proceeds would enable Council to reduce debt, giving interest savings of the $200,000 allowed for in the current unsustainable practice'". Blakely has been a regular OIO applicant for land for forestry purchases for the past 16 years. See our May 1995 commentary for details of Blakely's original purchase the 2,009 hectare Pentland Hills Station Ltd at Waimate.
Back to TopOlam Takes Control Of PGG Wrightson's Uruguay Operation
Olam International Limited Citibank Nominees Singapore Pte Ltd, Singapore (25.6%) Various overseas persons (20.7%) Kewalram Singapore Limited, Singapore (17.5%) DBSN Services Pte Ltd, Singapore (10.4%) Breedens Investments Pte Ltd, Singapore (10%) DBS Nominees Pte Ltd, Singapore (8%) Raffles Nominees (Pte) Ltd, Singapore (7.8%) has received approval for an overseas investment in significant business assets, being the acquisition of rights or interests in up to 100% of the issued share capital of NZ Farming Systems Uruguay Limited, the value of the assets of NZ Farming Systems Uruguay Limited and its 25% or more subsidiaries being greater than $100m. The asset value was stated as $317,075,530. The vendor was Existing Shareholders of NZ Farming Systems Uruguay Limited other than Olam International Limited Various, Various (70.9%) PGG Wrightson Investments Limited, New Zealand (14.1%) Accident Compensation Corporation (8.6%) Odey Asset Management Limited, United Kingdom (except Isle of Man and the Channel Islands) [6.4%].
The OIO states: "The Applicant is a global, integrated supply chain manager of agricultural products and food ingredients and intends to acquire NZ Farming Systems Uruguay Limited (NZFSU) by way of a full takeover offer in accordance with the Takeovers Code. NZFSU is developing a dairy production enterprise in Uruguay based on the successful New Zealand model. The Investment is part of the Applicant's long-term growth strategy to expand its reach into key dairy areas of Oceania and North and South America and to develop a global leadership position in the dairy business". OIO approval wasn't the only hurdle Olam had to overcome in acquiring a controlling stake in NZ Farming Systems Uruguay Limited. After Olams' original offer of 55c per share was trumped by Uruguay-based Union Agriculture Group, and another potential investor in the wings, Olam increased its' offer to 70c per share. Investinnz.co.nz summarised Olam's purchase of NZ Farming Systems Uruguay on 26/9/2010:
"Singaporean firm, Olam International Ltd has finally sealed its transaction for the acquisition of a majority stake in NZ Farming Systems Uruguay. The completion of the investment signalled a surge in Olam International's share on trading last week. Olam said it is already in talks with another potential investment, its rival Louis Dreyfus Commodities. The completion of the deal now gives Olam International a 67% ownership of NZ Farming Systems Uruguay. Continuing with its positive investments for growth and expansion, the Singaporean firm reported it is already in preliminary confidential talks for additional acquisitions and potential business alliances that may come in the form of a merger. Olam International is a global supplier of food and agricultural commodities.
"he talks are "preliminary" and there's no certainty a deal will be done, it said. With the report of the New Zealand investment completion, Olam shares hiked by 8.5% to 3.20 Singaporean dollars on the Singapore stock exchange and have hiked 22% in the last year. Olam International's New Zealand investments include a stake in Open Country Dairy, which buys regulated milk from Fonterra Cooperative Group, though its entire local exposure is a minor part of a business that supplies commodities including cocoa, coffee, rice and cotton in 64 countries.
"Dreyfus is the world's largest rice and cotton trader. However, the firm's New Zealand operations are a minor operation in relation to the whole entity. As such, analysts have reiterated that it is tough to decipher at this point what the implications would be for the New Zealand assets. But even so, analysts have noted that Singaporeans don't give up their firms easily, thus it may be a long time before any moves are taken. Olam is part-owned by Temasek Holdings, the Singapore government's investment unit. Dreyfus, which operates in more than 55 countries, had sales of US$34 billion last year.
"Olam International is a Singapore-based enterprise in the supply chain management of agricultural products and food ingredients, sourcing 20 products with a direct presence in over 60 countries and supplying them to over 10,000 customers in more than 55 destination markets. Olam International trades agricultural commodities such as cocoa, coffee, cashew, sesame, rice and teak. Headquartered in Singapore, it went public in February 2005 and ranks among the top 40 largest listed companies in Singapore in terms of market capitalisation".
Back to TopJapanese Buy Cedenco (In Receivership)
CDC Foods Limited Japan (100%) received approval for the acquisition of a freehold interest in 10.95 hectares of land at 40 Innes St, Awapuni, Gisborne. The vendor was Cedenco Foods (In Receivership) Frederick Scott Salyer, United States of America (100%). Consideration was stated as confidential. The OIO states: "The Applicant is a wholly owned subsidiary of Imanaka Limited, an exporter and importer of food, housing related and chemical products. Cedenco, a producer and manufacturer of bulk vegetable and fruit ingredients, was placed in receivership in November 2009. Following its acquisition of the business and assets of Cedenco, the Applicant will operate the fruit and vegetable manufacturing business carried on by Cedenco. Imanaka Limited is currently a major customer of Cedenco".
The New Zealand Herald reported some background to this sale (24/8/10: "New Zealand's Overseas Investment Office (OIO) has given the thumbs up to the sale of Cedenco Foods to Japan's CDC Foods Ltd. Cedenco, one of New Zealand's biggest fruit and vegetable processors, was placed into receivership by ANZ National Bank in November last year, after it defaulted on $46 million owed to the bank and $4.7m to unsecured creditors, but continued to trade while a buyer was sought. The company's Australian affiliates SK Foods Australia, Cedenco JV Australia and SS Farms Australia were also placed into receivership at the time, and liquidator Ian Lock of Sheahan Lock Partners estimates the Australian entities owe the New Zealand businesses some $11 million. The price of the acquisition was not disclosed, and Lock said it was unclear as to how much cash there will be for unsecured creditors.
"CDC Foods Ltd is owned by Imanaka, an importer and exporter of food, housing and chemical products, and will continue to operate the Cedenco business. At the time of receivership, both SK Foods in the US and Cedenco were owned by a Salyer family trust, which acquired the Gisborne-based company in 2003. SK Foods has been the subject of a major controversy this year, after its former Chief Executive Officer Frederick Scott Salyer, was arrested in the US in February on racketeering and corruption charges related to a scheme to quash competition of his tomato processing firm and sell SK Foods' tomato products at inflated prices".
See our April 2001 and August 2003 commentaries for details of SK Foods takeover of Cedenco (the August 2003 OIO decision was only released on appeal). Also see Quentin Findlay's excellent article, "Monkeys With Rubber Stamps: The Overseas Investment Office" in Watchdog 123, May 2010, for details of SK Foods' shonky behaviour in the USA which presumably led to Cedenco ultimately becoming a tomato basket case.
Back to TopCarlyle Group Takes Control Of Healthscope
Asia Pacific Healthcare Group Pty Limited TPG Capital LP, United States of America (50%) The Carlyle Group, United States of America (50%) received approval for an overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Healthscope Limited, the value of the assets of Healthscope Limited and its 25% or more subsidiaries being greater than $100m. The vendor was Existing shareholders of Healthscope Limited Various overseas persons (45.3%) National Nominees Limited, Australia (17%) JP Morgan Nominees Australia Limited, Australia (12.4%) HSBC Custody Nominees Limited, Australia (10.2%) Cogent Nominees Pty Limited, Australia (3.6%) Citigroup Nominees Pty Limited, Australia (3.6%) ANZ Nominees Limited, Australia (3.1%) Tasman Asset Management, Australia (2.6%) RBC Dexia Investor Services Australia Nominees Pty Limited, Australia (2.2%). The asset value was stated as $101,168,378.
The OIO states: "Healthscope is a leading private health care provider in Australia, operating 44 private hospitals throughout Australia. The Healthscope group operates in New Zealand through Healthscope New Zealand Limited and is a leading provider of pathology services. The beneficial owners of the Applicant, TPG and Carlyle, have investment and management experience in the healthcare sector globally meaning the Applicant will be able to support Healthscope's management to grow and develop Healthscope's business".
The following was reported by Bloomberg Businessweek (19/7/10): "Carlyle Group and TPG Capital agreed to buy Australia's Carlyle Group and TPG Capital agreed to buy Australia's Healthscope Ltd. for $A2 billion ($US1.7 billion), gaining the second biggest hospital operator in a market where health spending is rising about 11% annually. Shareholders should accept the $A6.26-a-share cash offer, the Melbourne-based company said today. That's 39% higher than the stock price before Healthscope disclosed a takeover offer on May 14. Including debt, the offer values the company at $A2.7 billion, Healthscope said.
"Healthscope shares surged to the highest in three years after the announcement ended two months of speculation on details of the buyout, which would be the largest in Australia since 2002. The purchase will give the private equity group a company whose cash from operations has increased fivefold in as many years. 'They have essentially bought a dividend stream, which looks pretty good', Shane Storey, an analyst at Wilson HTM Investment Group in Brisbane, said by telephone. 'Their hospital division is a very nice business...'
"The company owns or runs 44 hospitals including the Prince of Wales Private Hospital in Sydney's eastern suburbs and Melbourne Private Hospital on the fringe of the central business district, according to its website. It also operates a pathology chain in Australia, New Zealand, Malaysia and Singapore. Healthscope's dividend payout has increased 15% in the past five years, according to data compiled by Bloomberg. That's more than the 12% combined average growth for Ramsay Health Care Ltd. and Sonic Healthcare Ltd., its biggest Australian rivals in hospitals and pathology respectively.
"Australia's government projected in May that healthcare spending would rise in the four years through June 2014 to reach about $A80 billion. Reduced Government subsidies for medical services such as blood tests have led to a weaker earnings outlook for pathology companies including Sonic. Healthscope, led by Chief Executive Officer Bruce Dixon, gave bidders access to its accounts after receiving competing proposals. Healthscope said May 20 its board was considering an offer of $A5.75 a share, raised from $A5.50 announced on May 14. Two more takeover offers of $A5.80 a share were received, the company said May 31, without identifying the potential buyers.
"KKR & Co. also submitted a bid, two people familiar with the matter said. Blackstone Group LP dropped out of the Carlyle-TPG bidding group, according to media reports. The new owners plan to 'retain management and support management's strategy, business plans and growth initiatives', Healthscope Chairman Linda Nicholls said in a statement. Healthscope expects the transaction to be completed by October after shareholder and regulatory approval. Goldman Sachs JBWere Pty and Lazard are its advisers. Carlyle and TPG are paying about 18 times estimated earnings per share for the year ending June 2011, Wilson HTM's Storey said. Ramsay shares trade at 17 times, Bloomberg data show.
"'These guys are getting it at a reasonable price, not one that I would call outstanding', said George Clapham, who oversees $US4.3 billion of equities excluding Healthscope at Arnhem Investment Management in Sydney. 'Their timing is good and the stock had been discounted because of the pathology business'. Carlyle and TPG arranged about $A1.5 billion in five-year loans from 17 banks, including Australia & New Zealand Banking Group Ltd. and Commonwealth Bank of Australia, to help fund the purchase, said a person familiar with the matter.
"The transaction would be the biggest buyout in Australia since the 2002 takeover of Sydney Airports Corp., Bloomberg data show. Announced private equity takeovers in the country total $US2.7 billion so far this year, compared with $US10 million in the same period in 2009, according to the data. Private equity firms are resuming buyouts as economies recover. Washington-based Carlyle said in May it had $US33.5 billion waiting to be invested at the end of 2009. The firm agreed last week to acquire Ronkonkoma, New York-based nutritional supplements maker NBTY Inc. for $US3.8 billion. The worldwide credit crisis has led banks to be reluctant to extend more than $A1 billion for a leveraged buyout, even when lending together, the Australian Private Equity & Venture Capital Association Ltd. said last month. Today's announcement 'shows the confidence that private equity see in Australia', said Bryan Zekulich, Sydney-based private equity managing partner at Ernst & Young LLP. 'Debt capacity is back sufficiently for larger deals'".
The Carlyle Group is one the largest viruses in the plague of private equity sweeping the world, so their interest in pathology services does not surprise. The Carlyle Group is one of the world's largest and most politically connected private equity firms with around $US90 billion globally in managed assets. In 2009 it paid $US20 million in a settlement with the New York Attorney General, Andrew Cuomo as a result of a pension corruption inquiry. According to the New York Times, the inquiry uncovered what investigators described as a wide network of corruption from California to New York, in which billions of dollars of investments from public pension funds were handed out in exchange for kickbacks or other questionable payments.
Carlyle has been profiled in two notable documentaries, Michael Moore's "Fahrenheit 911" and William Karel's "The World According to Bush". In "Fahrenheit 911", Michael Moore makes nine allegations concerning the Carlyle Group, including that: the bin Laden and Bush families were both connected to the Group; that following the attacks on September 11, 2001, the bin Laden family's investments in the Carlyle Group became an embarrassment to the Carlyle Group and the family was forced to liquidate its assets with the firm; that the Carlyle group was, in essence, the 11th largest defence contractor in the United States. Moore focused on Carlyle's connections with George HW Bush and his Secretary of State James Baker III, both of whom had at times served as advisors to the firm. A Carlyle spokesman noted in 2003 that its 7% interest in defence industries was far less than several other private equity firms. Carlyle also has provided detail on its links with the bin Laden family, specifically the relatively minor investments by an estranged half brother.
In "The World According to Bush" (May 2004), William Karel interviewed Frank Carlucci to discuss the presence of Shafiq bin Laden, Osama bin Laden's estranged brother, at Carlyle's annual investor conference while the September 11 attacks were occurring. Let's pray Carlyle's interest in Healthscope does not imply an impending global pandemic as the aforementioned documentaries' suggestion of Carlyle's connection to terrorism! See my predecessor Bill Rosenberg's excellent online article, "International Pressures To Privatise" for further details as to how Carlyle and other private equity firms plan to take over the world.
Back to TopWattyl Gets New American Owners
The Valspar (Australia) Paint Acquisition Pty Limited United States Public (80.2%) Blackrock, Inc, United States of America (6.9%) C. Angus Wurtele, United States of America (6%) Iridian Asset Management LLC, David L Cohen and Harold J Levy, United States of America (5.1%) various overseas persons (1.8%) received approval for the acquisition of rights or interests in 100% of the shares of Wattyl (NZ) Limited which owns or controls a freehold interest in 4.6 hectares of land at 2-14 Patiki Road, Avondale, Auckland. The vendor was Wattyl Limited Australian Public (62.9%) Hunter Hall Group, Australia (19.3%) Invesco Australia Limited, Australia (7.3%) Centaurus Capital Limited and associated entities and persons, Australia (5.5%) Dimensional Fund Advisors LP and associated entities and persons, Australia (5%). The asset value was stated as $33,044,000.
The OIO states: "The Applicant is part of the Valspar Group. The Valspar Group is a leading global manufacturer and distributor of coatings, paints and related products. The Wattyl Group is a paints and surface coatings manufacturer, distributor and retailer with operations in Australia and New Zealand. Its New Zealand subsidiary, Wattyl NZ Limited, has 25 stores located throughout the country. The Investment is part of a larger acquisition being undertaken in Australia under which all the ordinary shares of the Wattyl Group will be acquired by the Applicant. The Investment will enable the Valspar Group's entry into the New Zealand and Australian consumer paints markets through Wattyl's brands and supply chains. It will also give Wattyl access to the Valspar Group's research and development capabilities, funding, and business systems and expertise".
Back to TopRBS Left With The Scraps Of ABN AMRO
The Royal Bank of Scotland Group plc (RBS) United Kingdom Public (80.6%) Various overseas persons (14.8%) United States Public (4.6%) received approval for the acquisition of rights or interests in 100% of the shares of RFS Holdings BV, the value of the assets of RFS Holdings BV and its 25% or more subsidiaries being greater than $100m. The vendor was Existing Shareholders of RFS Holdings BV other than The Royal Bank of Scotland Group plc State of the Netherlands (54.8%) United States Public (4.8%) various overseas persons (40.4%). The asset value was stated as $352,736,204.
The OIO states: "On 17 October 2007, RFS Holdings BV, a company jointly owned at that time by a consortium comprising the Applicant, Fortis NV and Fortis SA/NV (the State of the Netherlands) [Dutch State] has since acquired the Fortis shareholding) and Banco Santander SA (Santander) completed the acquisition of ABN AMRO Holding NV (ABN AMRO) now known as RFS Holdings NV. Since the completion of the ABN AMRO acquisition, restructuring work has been ongoing to give legal effect to the allocations of the assets and businesses agreed to by the consortium members. This work has predominantly involved transferring out the assets and businesses allocated to Santander and the Dutch State. The Applicant, who currently owns 38.278% of RFS Holdings NV, proposes to acquire all of the remaining shares in RFS Holdings BV. The acquisition will result in the Applicant continuing to hold, through RFS Holdings BV, interests in a number of New Zealand companies. The investment will facilitate the restructuring of the ABN AMRO group of companies agreed to by the consortium members".
The above OIO approval is simply RBS getting the leftovers of what has been a disastrous acquisition for it and its consortium partners. For those who are interested, John Lanchester's excellent review "It's Finished" in the London Review of Books (28/5/09) gives a thoroughly entertaining commentary on the Royal Bank of Scotland's demise and its multibillion pound bailout by the British government. A key nail in the RBS coffin was its purchase (as part of a consortium) of Dutch Bank ABN AMRO (now known as RFS Holdings NV), which the OIO refers to and you can view in our October 2007 commentary. They paid €71 billion, to trump Barclay Bank's €66 billion bid. Problem was both bids were way over priced, and the ABN AMRO takeover is now considered one of the biggest flops in corporate history!
Back to TopAmericans Take Control Of Wyuna Station, Glenorchy
Cabo Limited as trustee for the Cabo Trust United States Public (100%) has received approval for an overseas investment in sensitive land, being the acquisition of a mortgage over 87.3 hectares of land situated at the Wyuna Preserve development, and approval for an overseas investment in sensitive land, being the Applicant's possible acquisition of a freehold interest in the 87.3 hectares of land situated at the Wyuna Preserve development, and approval for an overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 2,269.2 hectares of land at Wyuna Station, Glenorchy Township. The consideration was $8,358,908 for Wyuna Station, excluding the Wyuna Preserve development. The vendors were Pisidia Holdings Limited New Zealand Public (100%), Wyuna Joint Venture United States Public (60%) New Zealand Public (40%)
The OIO states: "The Wyuna Station joint venture currently owns Wyuna Station situated at Glenorchy, near Queenstown. The joint venture is being restructured to more closely reflect the relative financial interests of the joint venture partners in the property. The restructure will result in:
(a) The joint venture limiting its activities to the Wyuna Preserve rural residential development;
(b) The joint venture ceasing to own and operate Wyuna Station which will be taken over by Cabo Limited.
Cabo Limited seeks consent to acquire an interest as mortgagee over the Wyuna Preserve land to secure a loan for a term of ten years; and to acquire Pisidia Holding Limited's 40% share in Wyuna Station". Wyuna is an historic high country station overlooking the northern end of Lake Wakatipu. The OIO states that the property includes conservation land, land "which is deemed a heritage or historic area", and land "which is provided as a reserve, a public park, for recreation purposes, or a private open space".
Wyuna Station Joint Venture acquired Wyuna in 1999. That purchase was primarily a leasehold arrangement and is covered in our commentary of March 2000. The acquisition did not need Overseas Investment Commission consent because the US interest was at that stage just 0.1% below the 25% threshold requiring approval. However the US partner did not apply for approval for a mortgage it held over the property, and therefore in March 2005, at the same time as receiving consent to freehold 2,695 hectares, it received a retrospective approval for the "interest in land" (mortgage) which it held without the required legal approval for those six years. See our March 2005 commentary for details.
Back to TopOther August Decisions
Maurice Dabbah Switzerland (100%) received approval for the acquisition of a freehold interest in 26.9 hectares of land at Lot 13, Mataka Station, Pererua Peninsula, Northland. Consideration was $2,000,000. The vendor was Bank of New Zealand as mortgagee National Australia Bank Limited, Australia 100%. The OIO states: "The land is part of the 'Mataka Station' Development in the Bay of Islands and in part will continue to be leased for pastoral purposes. The Applicant has offered special land foreshore to the Crown and has agreed to sponsor a professional baseline kiwi research programme on Mataka Station".
Kathryn Powley in the New Zealand Herald (3/10/10) reveals more details about Maurice: "He might be pint sized but Maurice Dabbah has a big cheque book and one of the world's most beautiful women at his side. The multi-millionaire Swiss businessman, whose girlfriend is former Playboy playmate Victoria Silvstedt, has just paid $2 million for a 26.9ha block of Mataka Station on the Purerua Peninsula north west of Kerikeri in the Bay of Islands. Dabbah is regularly photographed holidaying on the French Riviera with Silvstedt, a Swedish beauty queen named Hugh Hefner's 1997 Playmate Of The Year. The land he has bought does not have a house on it but the purchase gives him access to the station's 1,148ha of a fully operational farm, five beaches, a boat ramp and boat lodge. Mataka has won awards for its conservation values.
"Dabbah joins a long line of wealthy people who have bought expensive property in the Bay of Islands. Phantom of the Opera star Michael Crawford's Russell hideaway has a valuation of $2.65m, Dame Kiri Te Kanawa has property at Rawhiti Peninsula 15km from Russell and Sky TV founder Craig Heatley owns part of Moturoa Island. American author and big game fisherman Zane Grey put the region on the map as a millionaire's paradise back in the 1930s. The scale of Dabbah's investment is dwarfed by a four bedroom Russell mansion being marketed by Sotheby's International Realty. It comes with a price tag of $US37.5m - a whopping $50.9m. Called Rahimoana at Eagles Nest it includes a 25m infinity pool, billiards room, a 1km long private beach and a deep water anchorage.
"Far North Mayor Wayne Brown said 'I don't mind who owns it, the issue is that they shouldn't be able to buy it and lock us out of the beaches. That's been a problem for 30 years', he said. When properties were subdivided the Council ensured beach access was included in the plans but that wasn't possible with larger blocks' sales. The Overseas Investment Office approved the purchase, saying Dabbah would offer special land foreshore to the Crown and agreed to sponsor a kiwi research programme at the station".
Athelstan Limited John Richard Anthony Nottingham, Isle of Man (40%) Laura Elizabeth Nottingham, Isle of Man (40%) Phoebe Elizabeth Laura Luckyn-Malone, United Kingdom (5%) Julia Rachel Graham, United Kingdom (5%) Richard George Sebastian Luckyn-Malone, United Kingdom (5%) George Edward Dobell Nottingham, United Kingdom (5%) received approval to acquire a freehold interest in 4.3 hectares of land at Butterfish Bay, Paewhenua Island, SHW 10, Mangonui. Consideration was $450,000; the vendor was Paewhenua Estates Limited Clive Ashley Johnson, New Zealand (100%). The OIO states: "The land to be acquired is within a 109 ha development on Paewhenua Island near Mangonui in Northland. The development has transformed a degraded bull farm into a world class farm park subdivision. The owners of the Applicant intend to relocate a refurbished character villa from Dargaville to the land for use as a private family residence during visits to New Zealand".
And finally for August, Rangitatau NZ Limited Joel Leston Reed and Ann Denise Reed as trustees of the Joel and Ann Reed Family Trust, United States of America (100%) received approval for an overseas investment in sensitive land, being the acquisition of a freehold interest in 255 hectares of land at Rangitatau East Road, Wanganui. Consideration was $2,306,250. The vendor was Rangitatau Partnership various New Zealand shareholders (100%). The OIO states: "The land is a pinus radiata forestry block. The Applicant will harvest and replant the forest in approximately ten years' time. The owners of the Applicant believe Australasia will be an area of future high economic growth and are looking to diversify their investments into trees and land".
Back to Top
Campaign Against Foreign Control of Aotearoa,
P.O. Box 2258
Christchurch.