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Foreign investment in Aotearoa/New Zealand
Overseas Investment Office - July 2015 Decisions
New Leaseholder For Vector Arena
A quiet month at the OIO, although this particular approval has the potential to get quite loud. Live Nation NZ Limited and MHC Investments Limited, Live Nation Entertainment Inc, United States of America (50%), Michael Henry Coppel, Australia (37.5%) and Michelle Coppel, Australia (12.5%), has received approval for the acquisition of rights or interests in up to 100% of the shares of EVENZ Limited, which owns or controls a leasehold interest in approximately 2.3 hectares of land at 42-80 Mahuhu Crescent, Auckland. The vendor was Stuart Michael Clumpas, New Zealand (100%): consideration was "withheld under section 9(2)(b)(ii) of the Official Information Act".
The OIO states: "MHC Investments Limited is ultimately owned by Michael and Michelle Coppel. Michael Coppel is a prominent Australasian concert promoter. Live Nation NZ Limited is (indirectly) 70% owned by Live Nation Entertainment, Inc, one of the largest producers of live music concerts in the world (listed on the New York Stock Exchange under 'LYV'). The remaining 30% of Live Nation NZ Limited is owned by MHC Investments Limited.
"The Investment. EVENZ Limited owns NZ Venue & Event Management Limited, the sole beneficiary of the QPAM Trust which owns and operates Vector Arena. Vector Arena is a 12,000 seat arena for sports and entertainment in Auckland. Vector Arena was constructed and is operated under a development agreement with Regional Facilities Auckland. Vector Arena must be transferred back to Auckland Council after 40 years. The Applicants are acquiring Vector Arena as part of an Australasian expansion strategy and plan to leverage their position in the live music industry to increase the frequency and scale of shows at Vector Arena. The Applicants consider that owning Vector Arena will make bringing previously marginal/uneconomic shows to New Zealand possible".
Back to TopCraigmore Founder Sells Two Farms To Craigmore
Craigmore Farming NZ Limited Partnership, United Kingdom/Irish Public (50%), Continental European/Scandinavia Public (24%), various overseas persons (21%) and New Zealand Public (5%), received approval for the acquisition of:
- a freehold interest in approximately 301ha of land at 339 Pareora River Road, Canterbury (Pareora Farm); and
- a freehold interest in approximately 200ha of land at 557 Pareora River Road, Canterbury (Somerset Farm).
The vendor was Pareora Dairy Limited and Somerset Dairy Limited, Forbes Herbert Elworthy, New Zealand (84%), New Zealand Public (8.5%) and British Virgin Islands Public (7.5%); consideration was "withheld under section 9(2)(b)(ii) of the Official Information Act". The OIO states: "The Applicant is acquiring two adjoining farms majority owned by the founder of the Applicant. The Applicant intends to add the farms to its Canterbury dairy pod and invest development capital into the farms over the next four years in order to lift production". As we reported last month, Craigmore has been a regular applicant to the OIO and by last count has bought around 30 Kiwi farms, mostly in the dairy sector.
Back to TopSwedes Plan New Dairy Farm For Hororata
Southern Pastures Limited Partnership, Sweden (58%), Luxembourg (22%), New Zealand (2.5%) and various (17.5%), received approval for the acquisition of a freehold interest in approximately 306ha of land located at Rakaia Terrace Road, Hororata, Canterbury. The vendor was Inch (Murray Rex) and Inch (Barbara Anne), Inch (Stephen Richard) and Inch (Rachel Claire) and Stanley (Stewart Allan) as trustees for the SR & RC Inch Family Trust, New Zealand (100%): consideration was "withheld under section 9(2)(b)(ii) of the Official Information Act".
The OIO states: "The Applicant intends to convert two separate adjoining blocks, currently used for sheep/beef grazing, into a single irrigated dairy farm. The new dairy farm will be incorporated into and operated as part of the Applicant's South Canterbury cluster of dairy farms". See our December 2014 commentary for details of the South Canterbury cluster they already own. Southern Pasture also owns a number of central North Island dairy farms having bought eight from Graeme Hart in December 2012 at around half the going per hectare rate for the area. See our commentary for that month as well as July 2014 for details of these purchases.
Back to TopNew Countdown For Ashburton
General Distributors Limited, Various overseas persons (54.5%), Australian Public (27.8%), United States Public (8.6%), United Kingdom Public (6.2%), Hong Kong Public (2.5%) and New Zealand Public (0.4%), received approval for the acquisition of a freehold interest in approximately 1.2 hectares of land at 2 South Street, Ashburton. The vendor was River Crossing Limited, David John Williams, New Zealand (100.0%), Switzerland (100%); consideration was $2,928,000.
The OIO states: "The Applicant is acquiring the land to develop a Countdown supermarket. This will result in the creation of jobs and the introduction into New Zealand of additional investment for development purposes". See our June 2005, November 2009 and November 2011 commentaries for details on other land purchases by General Distributors. Generally speaking, however, once these supermarkets have been built, they are sold and leased back by Progressive.
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