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Foreign investment in Aotearoa/New Zealand

Overseas Investment Office - June 2014 Decisions

Aussies Sell Transpacific Industries To The Chinese Government

A busy month at the OIO, the most significant approval in terms of value being Beijing Capital Group Company Limited Chinese Government, China, People's Republic of (100%), receiving approval for the acquisition of rights or interests in 100% of the shares of TIGFNZ which owns or controls:

• a freehold interest in approximately 79.2 hectares of land at 125 & 127 Old Brighton Road, Dunedin;
• a leasehold interest in approximately 2.3 hectares of land at Dairy Flat, Auckland;
• a freehold interest in approximately 182.7 hectares of land at Dairy Flat, Auckland;
• a freehold interest in approximately 1.2 hectares of land at 57-59 Port Road, Lower Hutt;
• a freehold interest in approximately 1.3 hectares of land at 25 Inlet Road, Papakura;
• a leasehold interest in approximately 1.5 hectares of land at 8 Daphne St, Te Awamutu;
• a freehold interest in approximately 0.6 hectares of land at 27 Seaview Road, Wellington;
• a leasehold interest in approximately 1.5 hectares of land at Edgar Street, Hamilton;
• a freehold interest in approximately 123.2 hectares of land at Bruce Road, Turakina;
• a freehold interest in approximately 1,461.1 hectares of land at Mt Cass Road, Waipara, North Canterbury;
• a put option interest in approximately 55.9 hectares of land at Horseshoe Bush Rd, Auckland;
• a leasehold interest in approximately 12 hectares of land at 600 Island Road, Puketutu Island, Mangere, Auckland;
• a leasehold interest in approximately 0.1 hectares of land at 53 Port Road, Lower Hutt;
• a leasehold interest in approximately 0.6 hectares of land at 108 & 110 Ostend Road, Waiheke Island, Auckland; and
• a leasehold interest in approximately 7.1 hectares of land at 40 Metro Place, Bromley, Christchurch; and

Approval was received for an overseas investment in significant business assets, being the applicant's acquisition of rights or interests in 100% of the shares of TIGFNZ, the consideration of which exceeds $100m. Consideration was $950,000,000; the vendor was Transpacific Industries Group Limited and Transpacific Industries Pty Limited Australia (100%).

The OIO states: "The Applicant is a Chinese State-owned enterprise that provides waste management solutions and environmental infrastructure services in China. The Vendors own 100% of the shares in TIGFNZ which, in turn, is the parent company of Transpacific Industries Group (NZ) Limited, a recycling, waste management and industrial service company. The Vendor is selling its New Zealand operations in order to focus on growth opportunities in Australia. The Applicant considers that its investment in TIGFNZ will bring significant benefits by way of new technology and additional capital investment".

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Roger Award Accomplice Winner

Here in New Zealand Transpacific is better known as Waste Management which was bought by Transpacific in a controversial takeover in 2007. See our June 2006, September 2007 and March 2009 commentaries for more background on this and previous shareholder changes. Transpacific's operations in New Zealand have not been without controversy. Waiheke Island residents asked the Auditor General to investigate the decision-making process of Auckland City Council in awarding the island's waste contract to Transpacific. The Auditor General however sided with the Council*. Transpacific's siting of a recycling depot behind a pub and across the road from a community hall in Waipapa has also drawn criticism. Transpacific also operates Canterbury's controversial Kate Valley regional landfill. *The Auckland City Council and its officials won the 2009 Roger Award's Accomplice Award for contracting out Waiheke Island waste services from a local community company to Transpacific. See the 2009 Roger Award Judges' Report for more details. Ed.

Jamie Gray in the New Zealand Herald reported on the Chinese purchase of Transpacific (3/3/14). "Australia's Transpacific Industries said it had entered into an agreement to sell its New Zealand business - once the NZX-listed Waste Management - to a wholly-owned subsidiary of Beijing Capital Group for $950 million. Beijing Capital Group is one of China's top 500 enterprises and a leading State-owned infrastructure enterprise with specialist expertise in water treatment, waste management, mass transit railway and toll roads, Transpacific said in a statement.

"By the end of 2013, Beijing Capital had total assets and revenues exceeding $US21 billion and $US3.7 billion, respectively. The company employs around 20,000 people across its regional and international businesses. Completion of the sale is expected to occur by the end of June 2014, subject to New Zealand Overseas Investment Office and Chinese regulatory approvals, Transpacific (TPI) said. Proceeds from the sale will allow TPI to redeem preference shares, refinance its syndicated debt facility and fund future investments with a strong capital base. TPI, which over-extended itself in the lead-up to the Global Financial Crisis after a string of large acquisitions, said it would also consider the resumption of dividends in the near term.

"'The sale of our New Zealand business gives Transpacific increased financial flexibility,'' Robert Boucher, TPI Chief Executive Robert Boucher said in a statement. 'We will look to enhance our Australian waste management businesses, capture long term growth opportunities and generate improved shareholder value', he said. Beijing Capital Group is focused on investing in and developing the New Zealand business. Deutsche Bank acted as financial adviser for the sale. The process of selling the New Zealand operation went down a so-called 'dual track', with a trade sale being actively weighed up against the option of an initial public offer and float. A trade sale was seen as the most likely option because it was seen offering the cleanest and most profitable exit for TPI than a share market float could have achieved.

"The New Zealand company traded previously as Waste Management and was headed up by Kim Ellis. The company was one of the share market's highest performers before it was taken over by Transpacific for $870 million in 2006. The company now has more than 200,000 customers and 800 trucks. Landfills are an important part of the business. Among the seven major landfills nationwide, Transpacific's Waste Management has five. There are just two players in the New Zealand refuse collection and landfill business, Transpacific Waste Management and its smaller competitor, Envirowaste, which was sold last year".

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British Enter PPP To Build Transmission Gully Highway

In another significant decision Wellington Gateway Partnership for, and on behalf of, Wellington Gateway Partnership No. 2 LP, Accident Compensation Corporation (45%), InfraRed Infrastructure III General Partner Limited, United Kingdom (40%) and Leighton Contractors Pty Limited, various overseas persons (15%), has received approval for the acquisition of leasehold interests in various land relating to the construction and operation of the Transmission Gully State highway project ("TG Project"); and an overseas investment in significant business assets, being LP2's establishment of a business undertaking the design, construction, finance, maintenance and operation of the TG Project where the total expenditure expected to be incurred exceeds $NZ100 million. Total cost of the development was withheld under s(9)(2)(b)(ii) of the Official Information Act.

The OIO states: "The application relates to the NZ Transport Agency's ("NZTA") public private partnership procurement process in respect of the design, construction, finance, maintenance and operation of the TG Project. The TG Project is one of the Government's Roads of National Significance. The NZTA's objective for the TG Project is to provide an alternative strategic link for the Wellington region that improves regional road network efficiency, resilience and route security".

The NZTA on its Website briefly describes the project. "The Transmission Gully project is a Public-Private Partnership (PPP) project to build a 27-km four-lane (two in each direction) motorway from MacKays to Linden (through Transmission Gully). There will be interchanges connecting the route to MacKays, State Highway 58, eastern Porirua and Kenepuru. The link to eastern Porirua will provide connecting roads to Whitby and Waitangirua. The Porirua City Council will be the authority responsible for those connecting roads".

Suze Metherell reports further in the National Business Review (29/7/14). "The Wellington Gateway Partnership (WGP), led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. The consortium, made up of Leighton Contractors, HEB Construction, InfraRed Infrastructure General Partner, the Bank of Tokyo-Mitsubishi UFH and the Accident Compensation Corp, won the bid to build the 27 kilometre project with the New Zealand Transport Agency, and New Zealand's first public-private partnership for a state highway. The contract will see WGP design, build and finance the project, as well as operate and maintain the road for 25 years after the expected five-year build finishes in 2020.

"The bidders put a $1 billion price tag on the project, while NZTA estimates its net cost will be $850 million, which it says is $25 million less than if it had been a conventional procurement. When the project is finished and open for use, NZTA will make annual cash payments of about $125 million over the life of 25-year contract, the roading agency said in a statement. 'By progressing the project as a PPP we have achieved a good value result and work will get underway on the project in the coming months', NZTA Chief Executive Geoff Dangerfield said. 'Not only do we have certainty that the project will be built to a strict deadline that will see it opening in 2020, but the PPP contract also requires that the project is designed, constructed, operated and maintained to achieve a high standard of performance in the areas of safety, journey times, reliability, and customer satisfaction'.

"Transmission Gully is part of the 110km Wellington Northern Corridor Road of National Significance, connecting Levin to Wellington. The challengingly steep and geologically complex route uses a road corridor first identified during the Second World War, and has been the subject of local and central government tension for decades. Leighton will be the special purpose vehicle manager for the project and also holds the operations and maintenance sub-contract, while also acting as an equity investor with InfraRed and ACC. The design and construction is a joint venture with Auckland-based HEB Construction, with Leighton taking a majority role, WGP said. At its peak the project is expected to employ 700 people.

"'The WGP has integrated local and international experience to successfully address the challenges of constructing 27 kilometres of motorway through steep terrain including 28 bridges', HEB Construction Chief Executive Derrick Adams said. The WGP is chaired by New Zealand Post Chief Executive Brian Roche. The rival bidder short-listed for the Transmission Gully project was Positive Connection, whose members were Fulton Hogan, Fletcher Building, Macquarie Group and the Morrison & Co-managed PIP Fund".

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Tiaki Plantations Ownership Restructured

In two separate decisions, ownership of Tiaki Plantations is being restructured. Firstly Unisuper Forestry Investments Limited, Unisuper Limited, Australia (100%), received approval for the acquisition of rights or interests in a further 12.38% of the securities of Tiaki Plantations Company which owns or controls a leasehold interest in approximately 20 hectares of land at Tamarangi Drive, Kawerau; and an overseas investment in significant business assets, being UniSuper Forestry Investments Limited's acquisition of rights or interests in a further 12.38% of the securities of Tiaki Plantations Company, the value of the New Zealand assets of Tiaki Plantations Company and its 25% or more subsidiaries being greater than $100m. The vendors were Existing shareholders of Tiaki II LLC and Tiaki III LLC, United States of America (86.7%), Denmark (12.8%) and Canada (0.5%). Consideration was "withheld under section 9(2)(b)(ii) of the Official Information Act". The OIO states: "The Applicant is currently a shareholder of Tiaki Plantations Company, as to 21.16%. The vendors, Tiaki II LLC and Tiaki III LLC, are currently minority shareholders of Tiaki Plantations Company. The proposed investment is an internal restructure, which will result in the Applicant increasing its already considerable shareholding in Tiaki Plantations Company".

In a second decision, Tiaki I LLC, United States of America (100%), received approval for the acquisition of rights or interests in a further 7.85% of the securities of Tiaki Plantations Company, which owns or controls a leasehold interest in approximately 20 hectares of land at Tamarangi Drive, Kawerau; and an overseas investment in significant business assets, being Tiaki I LLC's acquisition of rights or interests in a further 7.85% of the securities of Tiaki Plantations Company, the value of the New Zealand assets of Tiaki Plantations Company and its 25% or more subsidiaries being greater than $100m. The vendors were Existing shareholders of Tiaki II LLC and Tiaki III LLC, United States of America (86.7%), Denmark (12.8%) and Canada (0.5%). Consideration was again "withheld under section 9(2)(b)(ii) of the Official Information Act".

The OIO states: "The Applicant is currently a shareholder of Tiaki Plantations Company, as to 45.29%. The vendors, Tiaki II LLC and Tiaki III LLC, are currently minority shareholders of Tiaki Plantations Company. The proposed investment is an internal restructure, which will result in the Applicant increasing its already considerable shareholding in Tiaki Plantations Company". Tiaki Plantations Company operates timber plantations in New Zealand. Its timber plantations cover approximately 25,107 hectares in the central North Island region. The company sells and exports its products to saw log markets in New Zealand and internationally.

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Further Restructuring At Walter Peak Station

In two further related decisions, there has been further share shuffling at Walter Peak Station. Firstly Morris, David and Benjiman Kahn, Ian and Tonya Koblick and Shmuel Meitar, Morris Salomon Kahn (Israel) (27.5%), Shmuel Meitar, (Israel) (27.5%), Koblick (Ian and Tonya) (USA) (25%), David Simon Kahn (Israel) (10%) and Benjamin Yehoshua Kahn (Israel) (10%) received approval for the acquisition, indirectly via Walter Peak Corporate Trustee Limited as Trustee of the Walter Peak Station Trust, of mortgage interests in approximately 34.9 hectares of land at Walter Peak, Queenstown. The vendors were Aviation Properties NZ Limited, Roderick William Guthrie Nielsen, New Zealand (100%). Consideration was again "withheld under section 9(2)(b)(ii) of the Official Information Act".

In respect of this approval the OIO states: "In 2006, the Applicants sold around 39 hectares of land to a New Zealand property developer. The property developer intended to construct residential dwellings and a visitors' accommodation lodge on the land but went into receivership before the development could be completed. In 2008, before the property developer went into receivership, the Applicants loaned it money and secured the loan via mortgages over the land. The Applicant has sought and been granted retrospective consent to acquire those mortgage interests. The current owners of Walter Peak Station (being a subset of the Applicants) intend to enforce the mortgages, acquire the relevant land and progress the development by completing the indigenous replanting requirements of the resource consent. It is noted that the owners of Walter Peak Station have already re-acquired most of the land they had sold to the property developer".

In a second decision, Morris Salomon Kahn, Shmuel Meitar and David Simon Kahn, Israel (100%), received approval to become the beneficial owners of a freehold interest in approximately 34.9 ha of land at Walter Peak, Queenstown. The vendors were Aviation Properties NZ Limited, Roderick William Guthrie Nielsen, New Zealand (100%). Consideration was again "withheld". Walter Peak Station was originally purchased by Americans Ian and Tonya Koblick and the Kahns in 1998 (see our October 1998 commentary). In January 2009 they sold (with retrospective OIO approval) a 27.5% interest to Meitar for $1 and further ownership restructuring occurred in July 2011, December 2012 and April 2013.

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Chinese Plan Orewa Subdivision

Changda International New Zealand Limited, Weifang Changda Construction Group Co., Limited, China, People's Republic of (60%), Yangpu Kelei Teer Investment Co. Limited, China, People's Republic of (20%) and Shandong Yinji Property Co. Limited, China, People's Republic of (20%), received approval for the acquisition of a freehold interest in 37.6 hectares of land at Sunnyheights Road, Orewa, Auckland; and an overseas investment in significant business assets, being the establishment of a business in New Zealand by the Applicant where the total expenditure required before commencing business exceeds $100m.The vendor was Sunnyheights Limited, Peter Hanbury Masfen, New Zealand (50%), and Joanna Alison Masfen, New Zealand (50%); consideration was again withheld. The OIO states: "The Applicant intends to establish a business of property development that includes the acquisition of the land at Sunnyheights Road and the subdivision of, and development of residential properties on, the land".

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Craigmore Buys Two More Farms

In two separate decisions Craigmore Farming continues to buy up New Zealand farms, presumably on behalf of wealthy overseas clients. Firstly, Craigmore Farming NZ LP, United Kingdom Public (35%), Hong Kong Public (17%), New Zealand Public (10%) and various overseas persons (38%), received approval for the Applicant's acquisition of a freehold interest in approximately 136 hectares of land at Tussocky Road, Enfield, North Otago (Abercairney Farm). The vendor was Abercairney Farms Limited 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 farming operations. Abercairney Farm shares a boundary with other dairy farms owned by the Applicant and will form an important part of Craigmore Group's overall farming strategy in North Otago". In a second decision, Craigmore Farming NZ LP, United Kingdom Public (35%), Hong Kong Public (17%), New Zealand Public (10%) and various overseas persons (38%), received approval for the Applicant's acquisition of a freehold interest in approximately 205 hectares of land at Mouse Point, Waiau River, Canterbury (Caithness Farm). The vendor was Garry Allan Derrick New Zealand (100%); consideration was, you guessed it, confidential. The OIO states: "Caithness Farm is situated near other properties owned by the Applicant in the Culverden area. The Applicant intends to carry out extensive development to realise the full potential of the farm and its associated farming operations".

David Bruce in the Otago Daily Times (ODT) reports on the North Otago purchase (9/8/14). "Farm investment company Craigmore Farming has added another property to its North Otago holdings as it spends more than $15 million on redevelopment. The Overseas Investment Office has given approval for the company, which has about 90% of its shareholding overseas, to buy the 136ha Abercairney Farm in Tussocky Rd at Enfield, taking Craigmore's holdings in the area to more than 1700ha.

'''North Otago is a great farming region and we're very happy to be there for the long term', company Chief Executive Officer, Mark Cox, said about its investment in the Windsor-Enfield area. Craigmore would not reveal how much it paid for the property, but earlier this year dairy land in the area was fetching $30,000 to $50,000 a hectare, depending on the level of development. The recent property purchase shared a boundary with other dairy farms owned by Craigmore and formed an important part of the group's overall farming strategy in North Otago.

"Craigmore CEO Mark Cox said the company planned an extensive development programme for the property. This included building a dairy shed, new effluent system and native planting to assist with nutrient management. ''This will result in additional local jobs and crucial investment during both the development phase and over the longer term as a result of increased production', he said. The company estimated about ten extra people would be employed during the development phase and about 40 across all the properties once redevelopment was completed. ''We're seeking to improve public access to recreational opportunities and have specifically agreed with the Alps 2 Ocean Cycle Trail to provide farm access for an extension to their network of public cycleways', Mr Cox said.

"The Craigmore Farming group was established in 2008 by Mr Cox and his brother-in-law, Forbes Elworthy, whose family farmed at Craigmore, near Timaru. It has $250 million in equity and $400 million in assets, including dairy, grazing, horticulture and forestry blocks within New Zealand". As the ODT reports, Craigmore has been an active purchaser over the past couple of years. See our previous commentaries in June 2012, February 2013, March 2013, November 2013, March 2014, April 2014 and May 2014 for background on Craigmore Farming and its other land purchases here.

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Americans Buy Wesfarmers Broking (NZ)

Arthur J Gallagher & Co (AJG), United States Investors, United States of America (75.3%), BlackRock Inc, United States of America (8%), Capital Group International, Inc., United States of America (5.7%), United Kingdom Investors, United Kingdom (5.5%), The Vanguard Group, Inc., United States of America (5.4%) and Netherlands Public, Netherlands (0.1%), received approval for the acquisition by the Applicant or its directly or indirectly 100% owned subsidiaries and affiliates of rights or interests in up to 100% of the shares of Wesfarmers Broking (NZ) Limited, the consideration of which exceeds $100m.

The vendors were Wesfarmers Insurance Investment Pty Limited Australian Investors, Australia (73.1%), United States Investors, United States of America (8.2%), United Kingdom Investors, United Kingdom (5%), Commonwealth Bank of Australia, Australia (5%), various overseas persons (4.8%), Hong Kong Investors, Hong Kong (SAR) (2.4%) and Singapore Investors, Singapore (1.5%); consideration was $481,842,890.The OIO states: "The Applicant is a large international service provider of property and casualty insurance, and employee benefit and risk management services. The proposed acquisition is likely to enhance its geographic presence and service capabilities and broaden and further diversify its business mix".

NZCity.co.nz reports on this deal (23/6/14). "Wesfarmers has been given the green light by regulators to sell its insurance broking and premium funding units for $A1 billion ($NZ1.09b) to Arthur J Gallagher & Co, a New York Stock Exchange-listed insurer. Wesfarmers expects to make a pre-tax profit of between $A310m and $A335m from the transaction after approvals from the Overseas Investment Office, Foreign Investment Review Board in Australia and the UK's Financial Conduct Authority. It will get a further $A150m distribution to repay premium funding as part of the sale, which includes its Crombie Lockwood, Lumley Finance and Monument Premium Funding brands in New Zealand.

"Illinois-based AJG is also acquiring Wesfarmers' OAMPS Insurance Brokers in Australia, the country's largest insurance broker, and OAMPS UK. The sale will complete Wesfarmers' divestment of its insurance division. It sold its Australian and New Zealand underwriting businesses, WFI and Lumley Insurance, last year for $A1.85b to Insurance Australia Group, which operates the State, NZI and AMI brands and is New Zealand's largest general insurer. Last month, the IAG deal was approved by New Zealand antitrust regulators as well as the Australia Competition and Consumer Commission and is now awaiting signoff from the Australian Prudential Regulation Authority and Federal Treasurer.

"Wesfarmers says it will have sold $A3b of insurance assets for a total pre-tax profit of between $A1.01b and $A1.09b. Its brokerage operations generated $A331.1m in revenue in the year ended June 30, 2013, of which between 40 and 45% was derived from its New Zealand operations. AJG operates in 26 countries and is one of the world's largest risk management and insurance broking companies, according to its Website". See our March 2014 commentary for details of Wesfarmers Lumley Insurance (NZ) sale to IAG.

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Americans Buy Large Canterbury Dairy Farm

Dairy Farms NZ Limited EGI, NZ Dairy LLC, United States of America (62.8%), New Zealand Public (25.6%) and Mana Trust, New Zealand (11.6%), received approval for the acquisition of a freehold interest in approximately 434.4 hectares of land at 196 & 274 Trig Pole Rd, Lowcliffe, Canterbury. The vendor was The Charlotte Joan Perkins and Estate RR Perkins Partnership, New Zealand (100%); consideration was $22,300,000. The OIO states: "The Applicant intends to introduce additional investment to the dairy operation located on the property which is likely to result in increased milk production."

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Other June Decisions

Blakely Pacific Limited, Eddy Family, United States of America (100%), received approval for the acquisition of a freehold interest in approximately 84.8 hectares of land at Old Kaiwarua Road, Waimate, Canterbury. The vendors were Robert Barclay Wards and Bevney Diane Wards; Tuapeka Downs Ltd; John Grant Matherson; Peter Gerald Gilbert; Paul Burgess Bradley & Carolyn Ann Bradley; Bendemeer Bay Vineyard Ltd; Lloyd Bruce Roxburgh; James Whitinui Joseph, Miranda Judith Joseph & Richard Hudson Caughley; Stephen Graeme Bell; and Jane Maree Bell, New Zealand (100%); consideration was confidential.

The OIO states: "The Applicant is an existing forestry owner in New Zealand and intends to replant a commercial forest on the land, which has recently been harvested". 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 of the 2,009 hectare Pentland Hills Station Ltd at Waimate and a further 78 hectares added in August 2010. Other purchases include the 2,000 hectare Saddle Peak Station in March 2007, 3,689 hectares in Waimate in April 2003 and 228 hectares at Waimana, Whakatane.

Foley Family Wines Limited (FFWL), United States of America (80%), and New Zealand and potentially other nationalities (20%), received approval for the acquisition of rights or interests in 100% of the shares of Martinborough Vineyard Estates Limited which, together with its wholly-owned subsidiary, Martinborough Vineyard Limited (MVL), owns or controls a freehold interest in approximately 66ha and a leasehold interest in approximately 8ha of land located near Martinborough, South Wairarapa (MVEL Shares); and 50% of the shares of McLeod Vineyard Limited which owns or controls a freehold interest in approximately 6ha of land located near Martinborough, South Wairarapa (McLeod Shares).

The issue of ordinary shares in FFWL to those shareholders of MVEL accepting the takeover offer; and the issue of ordinary shares in FFWL to the second debenture holders of MVEL which will be in return for payment of $708,450 (which will be set off against the full amount currently owing to all of the second debenture holders of MVEL). The vendors were existing shareholders of Martinborough Vineyard Estates Limited, New Zealand (95%) and various overseas persons (5%); and existing shareholders of McLeod Vineyard Limited other than the Applicant New Zealand (100%); consideration for the Mcleod shares was $424,000.

The OIO states: "The Applicant's acquisition of shares in MVEL (and the merging of MVEL's and MVL's business with that of the Applicant) will provide substantial and identifiable benefits to New Zealand through the establishment of, and access to, a strong distribution network in the United States of America and elsewhere, and access to further capital to secure the current operations of MVEL and MVL, and to facilitate their future expansion and growth. The Applicant's acquisition of shares in McLeod (and the full ownership of McLeod by the Applicant) will provide access to further capital to secure and improve its vineyard operations". See our commentaries for October 2009, August 2011, December 2011 and August 2012 for details of other vineyard purchases here by Foley.

Turners & Growers Limited, Germany (73.1%), New Zealand Public (26.8%) and various overseas persons (0.1%), received approval for the acquisition of a freehold interest in approximately 8.8 hectares of land at 210 Ruapare Road, Twyford, Hastings. The vendor was JP & HA Nelson Partnership New Zealand (100%); consideration was $1,250,000. The OIO states: "The Applicant is one of New Zealand's leading distributors, marketers and exporters of premium fresh produce. The Applicant annually distributes over one billion apples and pears. The Applicant owns a number of orchards in New Zealand. To assist its strategy of ensuring the supply of specific apple varieties to the global market, the Applicant seeks to acquire the land. The Applicant intends to develop the land into an apple orchard". See our March 2012 commentary for details of how the Germans took control of Turners & Growers.

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