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Foreign investment in Aotearoa/New Zealand

Overseas Investment Office - April 2014 Decisions

Matariki Expands Its Opotiki Forestry Block

Matariki Forests United States Public (66.1%), United Kingdom Public (13.8%), Luxembourg Public (7.2%), Norway Public (3.1%), Swedish Public (2.6%), Belgium Public (2.3%), various overseas persons (2%), Kuwait Public (1.2%), Italian Public (0.8%) and Netherlands Public, (0.8%) received approval for the acquisition of a freehold interest in approximately 309.2 hectares of land at Block Access Road, Opotiki. The vendor was S Pacific Trees Limited Diogo Fialho De Oliveira, New Zealand (100%); consideration was "withheld under section 9(2)(b)(ii) of the Official Information Act".

The OIO states: "The Applicant is the third largest owner of forestry in New Zealand and owns the forestry blocks that border the land. The acquisition of the land will secure permanent formed access to those neighbouring forests increasing the efficiency and viability of the Applicant's forestry operations". Matariki has been a significant purchaser of forests in New Zealand over the past few years. See our August 2005 commentary for details of Matariki's original purchase of 92,000 ha, and our June 2006 and February 2010 commentaries for details of ownership changes in Matariki.

Malaysians Continue To Increase Their NZ Land Holdings

Ernslaw One Limited Tiong Family, Malaysia (100%) received approval for the acquisition of a freehold interest in 513.9 hectares of land at Waihopai Valley Road, Waihopai, Marlborough. The vendor was Peter Thomas Smith New Zealand (100%); consideration was $780,000 or just $1,500 per hectare. The OIO states: "The land is being acquired for conversion into forestry. The applicant intends to establish a pine forest on the land". With land this cheap, no wonder they are actively investing here. What's another 514 hectares when you already own over 100,000! See our commentaries for November and December 1994, September and October 1995, June, August and September 1996, February 2000, September 2004, May 2006, March 2007, February & March 2011 and September 2012 for details of other significant forestry purchases here by the Tiong family. As reported previously in Watchdog, the Tiong family is one of Malaysia's most powerful and wealthy families. In Malaysia they own controversial rainforest logger, Rimbunan Hijau, newspapers and magazines. Details of their transgressions resulting in their most recent appearance as a Roger Award finalist are available to download here (PDF 167KB). (Ernslaw One came third in the 2004 Roger Award).

Chinese Planning A Toll Road At Huapai?

China Merchants Properties Development Limited Chinese Government, China, People's Republic of (100%) received approval for the acquisition of rights or interests in up to 100% of the shares of China Merchants Pacific (NZ) Limited which owns or controls a freehold interest in approximately:

4.5 hectares of land at Chatham Hill, Gulf Harbour; and
10.9 hectares of land at Matua Road, Huapai.

The vendor was China Merchant Holdings (Pacific) Limited Chinese Government, China, People's Republic of (82.4%) and various overseas persons (17.6%); consideration was $55,520,300. The OIO states: "The transaction reflects an intragroup transfer, which results in an increase in China Merchant Group Limited's ultimate control of the target China Merchants Pacific (NZ) Limited from 82.44% to 100%. The rationale is to transfer the target's property development activities from the Vendor (whose core business is developing toll roads) to the Applicant whose core business aligns with those activities".

Craigmore Now Buys Another North Otago Dairy Farm

In two separate approvals, Craigmore Farming NZ Limited Partnership United Kingdom Public (34%), various overseas persons (28%), Hong Kong Public (17%), German Public (11%) and New Zealand (10%) received approval for an overseas investment in sensitive land, being Craigmore's (or its 80% - 100% subsidiary's) acquisition of a freehold interest in:

Approximately 593 hectares of land located at McNally Rd, Windsor, North Otago (Corriedale Farm); and
Approximately 19 hectares of land located at Weston-Ngapara Road, Windsor, North Otago (McWhirter Land).

The vendors were Corriedale Dairy Farm Limited (Corriedale Farm) New Zealand (100%) and McWhirter Family Trust [McWhirter Land] New Zealand (100%); consideration was "withheld under section 9(2)(b)(ii) of the Official Information Act". The OIO states: "The Applicant intends to carry out extensive development to realise the full potential of the Land and associated dairy farming operations". These approvals come just one month after Craigmore received approval to buy two Mid Canterbury Farms. See our previous commentaries in June 2012, February 2013, March 2013, November 2013 and March 2014 for background on Craigmore Farming and its other land purchases here.

Other April Decisions

Cloudy Bay Vineyards Limited Moet Hennessy Louis Vuitton, France (66%) and Diageo Plc, United Kingdom (34%) received approval for the acquisition of a freehold interest in approximately 34.7 hectares of land at Delta Lake Heights, Waihopai ("the Land"). The vendor was The Delta Wine Company Limited Thomson Wine Investments Limited, New Zealand (30.3%), The Marlborough Company Limited, New Zealand (30.3%), David Charles Gleave, United Kingdom (19.7%) and Saint Clair Estate Wines Limited, New Zealand (19.7%); consideration was "withheld under section 9(2)(b)(ii) of the Official Information Act".

The OIO states: "The Applicant is a long-established owner and operator of vineyards in the Marlborough region. The Applicant has established itself as a pre-eminent wine company in New Zealand. Wines produced by the Applicant are exported to more than 30 countries worldwide. The Applicant requires the Land and vineyard on it in order to continue to produce high quality Pinot Noir in larger volumes and meet its expanded Pinot Noir sales targets". See our previous commentaries for July 2002, July 2004, April 2007 and March 2008 for details of other vineyard purchases by Cloudy Bay.

Constellation Brands New Zealand Limited Constellation Brands Inc, United States of America (100%) received approval for the acquisition of a freehold interest in approximately 12.1 hectares of land at 1261 Redwood Pass Road, Marlborough. The vendor was Andrew Colin Graham New Zealand (100%); consideration was "withheld under section 9(2)(b)(ii) of the Official Information Act". The OIO states: "The Applicant is acquiring the land for the purposes of expanding its vineyards and winery business". See our December 2013 commentary for details of Constellation's previous purchase here.

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