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Foreign investment in Aotearoa/New Zealand

Overseas Investment Office - August 2019 Decisions

OIO Takes Enforcement Action

The OIO is now better resourced to enforce the requirements of the Act. Its August 2019 newsletter reported that on 1/7/19 the High Court ordered $2.95 million in penalties against the overseas owners of two rural properties at Warkworth, north of Auckland, for buying these without consent.

On 8/7/19 the High Court ordered the maximum civil penalty of $300,000, plus costs and disbursements of $288,000 against overseas-owned BCH Investments for buying five hectares of Auckland land without OIO approval. In August 2019 the OIO ordered overseas investors to sell a historic Waikato hotel complex after they failed to follow through with an agreed redevelopment.

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OIO Consent Exemption For Mercury Declined

The Associate Minister of Finance has declined an application from Mercury NZ Ltd (NZ Government 51.15%; NZ Public 28.82%; US Public 5.1%; UK Public 7.5%; Australian Public 3.5%; various overseas 3.9%) to be treated as a "NZ controlled person" under Schedule.4 of the Overseas Investment Regulations 2005. The OIO states that Mercury is a mixed-ownership model company listed in Schedule 5 of the Public Finance Act 1989.

It applied to be added to Schedule 4 of the Overseas Investment Regulations 2005, which would exempt it from the requirement for consent to acquire sensitive assets. Following amendment of the Overseas Investment Act in 2018, the Minister may now only recommend regulations to provide for an exemption if it meets the criteria in s.61E of Act and is consistent with one or more of the purposes for exemption in s.61B.

Addition of an entity to Schedule 4 is not consistent with any of the purposes for exemption set out in section 61B(a) to (c) of the Act, and accordingly it is no longer possible for a new entity to be added to Schedule 4. This means that if Mercury becomes 25% or more overseas owned, it will be required to apply for consent to acquire sensitive assets under the Act. Mercury is currently less than 25% foreign-owned and can buy any bits of rural land it needs without requiring OIO consent. So, this application appears to be a test of recent changes to the Act and Regulations, to see what exemptions or rubber stamps the company might get if it did expand its off-shore equity.

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Bathurst Bets $680,000 On Future Consents To Expand Canterbury Coal Mine To Fuel Dairy

Bathurst Coal Ltd (Singapore Public 54%; various overseas 22%; Australian Public 15%; NZ Public 9%) has consent to acquire 31.5402 hectares of sensitive land at 108 Bush Gully Road, Glentunnel, from Nelson Ronald North and Suzanne Mary North (NZ 100%) for $680,000. The OIO states that Bathurst is a subsidiary of ASX-listed Bathurst Resources Ltd (BRL).

It owns and operates the Canterbury Coal Mine approximately two kms from this land, which is currently used as a lifestyle property with limited seasonal grazing, but unsuitable as an economic farming unit. Bathurst intends to install mining infrastructure to mine under neighbouring land. It eventually will extend mining activities to this land, should resource consent be granted. This would extend the life of the mine from 2022 to 2035

The OIO says Bathurst Coal intends to retain existing jobs at the mine until 2035 and create some new jobs. It intends to introduce development capital, and mitigate some environmental risks by implementing some protection measures for the endangered Canterbury mudfish habitat in the Bush Gully Stream. The coal from the mine will supply dairy factories in Canterbury, promoting the economic interests of the region, and result in consequential benefits.

Otherwise coal would need to be trucked from greater distances while businesses remain reliant on supply. New Zealanders currently own approximately 9% of BRL, and have the opportunity to participate in ownership and control as BRL is an ASX-listed company. Bathurst Coal and BRL have previously undertaken investments of benefit to New Zealand, operating in New Zealand since 2010.

Canterbury Coal produced 142,000 tonnes of coal from the area in the year to June 2019, 65,000 tonnes of which went to Fonterra's Darfield factory. Gordon Campbell (Scoop, 2/10/19) notes that dairy is now our second largest coal user after the steel mill at Glenbrook, and well ahead of the Huntly power plant in third place. Coal mining requires resource, mining and environmental protection consents, as well as this OIO one.

Despite climate change being the Prime Minister's "nuclear moment", the Resource Management Act Amendment Bill just introduced does not remove the section that expressly prohibits consideration of climate impacts, as called for by 42 environmental organisations (Scoop, 30/9/19. The Environment Protection Authority Act 2011 has a similar prohibition.

In December 2017 Bathurst was declined consent to buy Solid Energy's Sullivan mine on the Denniston Plateau as unlikely to provide substantial benefits to New Zealanders. For other consents for Bathurst to acquire land and/or mines, see July 2017, May 2016, October and December 2013, July 2012, March 2011 and October 2010.

Bathurst was a finalist for the 2016 Roger Awards for Worst Transnational Corporation Operating in Aotearoa/New Zealand. See also Dennis Small "Primary Production, Free Trade, Resource Conflict & Corporate Plunder", in Watchdogs 128, 129 and 130, 2011-12. This month two decisions were made by the Ministers, rather than the Overseas Investment Office; one yes, one no.

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Mud House And Waipara Hill Wines In Private Equity Buy-Up Of Accolade Wines Australia

The Minister for Land Information and the Associate Minister of Finance have given consent for Accolade Wines Australia Ltd (Carlyle Asia Partners IV LP and affiliated/controlled funds 100%) to acquire 100% of Accolade Wines NZ Ltd , which owns or controls:

• 120 ha. Leased at Woolshed Vineyard, 75 Delta Lake Heights, 575 SH 63, Renwick, & 82 Delta Lake Heights, Renwick;
• 30.4 ha. freehold at The 360 Vineyard: end of Delta Lake Heights, Renwick, Marlborough;
• 194 ha. leased at The Claim Vineyard, 598 Bendigo Loop Road, Bendigo;
• 104.4 ha. leased at Deans Vineyard, contiguous block between 22 Ram Paddock Road, 590 Georges Rd & 653 Mt Brown Rd;
• 101 ha. leased The Mound Vineyard: 54-130 Georges Road, Glasnevin, Canterbury;
• 92.8 ha. leased at Home Block Vineyard: 782 Glasnevin Road, Glasnevin, Canterbury.

from Canopus Holdings NZ Ltd (Champ III Funds 80.1%; Constellation Brands Inc. 19.9%). The acquisition was a small part of a global acquisition valued at approximately $A1 billion.

The OIO states that Accolade Wines Australia Ltd is acquiring 100% of the shareholding of Accolade Wines NZ Ltd as a result of an upstream transaction involving a change in the institutional funds owning the parent entity. Accolade NZ owns and operates a wine business in New Zealand with two key brands, Mud House and Waipara Hills. Leases for five vineyards will be acquired as part of the transaction (with one including 30 ha. freehold). If consent had not been granted, the Mud House and Waipara Hills brands would still pass to the Applicant but the vineyards could not, which are said to have possibly resulted in job losses, especially the Waipara Hills one.

With OIO consent, the vineyards will continue to be operated as in the past and Accolade will deliver significant and tangible benefits to the local employment market. Accolade will continue to use the Mud House and Waipara Hills brands. It has identified Mud House as a priority brand and will invest significant capital in its future growth globally, including further development of the Claim Vineyard in Central Otago.

The Carlyle Group is a global investment firm with $US223 billion of assets under management across 362 investment vehicles. Founded in 1987 in Washington, DC, Carlyle is one of the world's largest investment firms, operating in 33 offices in North America, South America, Europe, the Middle East, Africa, Asia and Australia. The Carlyle Asia Buyout team engages in buyouts, privatisations and strategic minority investments in partnership with experienced management teams throughout Asia, generally excluding Japan.

Launched in 2013 at $US3.9 billion, the Carlyle Asia Partners IV Fund conducts leveraged buyout transactions in Asia in targeted industries listed on its Website including Accolade, described as the largest wine company in Australia and fifth largest wine company in the world by volume. Constellation Brands, which together with a different investment fund owned 20% of Accolade Wines NZ, is also a global player in the alcohol industry.

It is a Fortune 500 company producing and marketing beer, wine and spirits. It was already the world's largest wine company by volume in 2008 and in the US now also has a third of the beer market and investments in medical marijuana. So, what we are participating in here is the latest consolidation of Big Alcohol, using the money markets rather than, or as well as, their own huge global profits.

The Drinks Business (5/4/19) reports that, at $A1 billion Accolade has more than trebled in value since 2011, when it was bought by Champ III Funds. Champ paid $A290m for Accolade, formerly known as Constellation Wines Australia and Europe, acquiring the Hardys and Banrock Station labels. It appears that Constellation now has no Australian wines. The article suggests Carlyle's purchase of Accolade will enable it to cash in on demand from China and a probable tariff advantage for Australian wines over US wines.

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Global Ag Consent Declined For Hawkes Bay Vineyards

The Minister for Land Information and the Associate Minister of Finance have declined Global Ag Properties II NZ LP (USA 29%; Canada 26.5%; Sweden 25%; Netherlands 6.7%; UK 6.2%; South Korea 3.3%; Saudi Arabia 3.3%) consent to acquire:

• 116.9 ha. at 413 Upton Downs Road, Awatere Valley, Marlborough;
• 119.2 ha. between 2593 State Highway 50 and 2009 Maraekakaho Road, Ngatarawa, Hawkes Bay;
• 30.7 ha. at Aorangi Road, Mangatahi, Hawkes Bay;
• 21.8 ha. at 1888 Maraekakaho Road, Ngatarawa, Hawkes Bay;
• 215.04 ha. at Omapere Road, Okawa, Hawkes Bay; and
• approximately 42.9 ha. to the north of Upton Downs Road, Awatere Valley, Marlborough,
  from Wine Portfolio Limited and Ascross Investments Ltd (John Coney, Canada 100%). Price withheld under s.9(2)(b)(ii) of the Official Information Act.

The OIO states that Global Ag Properties is an NZ limited partnership to acquire and hold vineyard properties and assets. The acquisition consists of six existing vineyards, one in Marlborough and five in Hawkes Bay which Global Ag will continue to operate and undertake replanting of some diseased vines as well as replacing some 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 NZ. Both Minister Sage and Minister Clark were not satisfied that the investment would result in a substantial and identifiable benefit to New Zealand.

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Next Capital Private Equity Buys NZ Bus From Infratil

NZB Finco Ltd Australia 39.8%; Cayman Islands 24.8%; UK 15.8%; Luxembourg 12.5%; USA 3.7%; NZ 3.5%) has consent to acquire 100% of the shares in NZ Bus Finance Co. Ltd , 100% of the shares in Swift Transport No. 1 Ltd , and 75.19% of the shares in NZ Bus Ltd (together, NZ Bus), from Swift Transport Ltd (NZ Public 76.1%; various overseas 12.1%; UK 11.8%) for a price expected to be between $145 million and $165 million. Following the transaction, NZ Bus will be a wholly owned subsidiary of NZB Finco. NZ Bus holds leasehold interests in the following sensitive land, used as bus depots:

• 0.6867 ha. at 26 Morrin Road, Glen Innes, Auckland; and
• 2.2952 ha. at Onepu Road and Ross Street, Kilbirnie, Wellington; and
• 0.4041 ha. at 495 Muritai Road, Eastbourne, Lower Hutt; and
• 0.9820 ha. at 34-38 Astley Avenue, New Lynn, Auckland.

The OIO states that NZB Finco seeks to acquire NZ Bus which operates urban bus services in Auckland, Tauranga and Wellington and holds leasehold interests in a number of bus depots. NZB Finco is ultimately owned by Next Capital Pty Ltd, an Australian private equity firm. Next Capital has previous experience investing in the bus transport sector in both Australia and New Zealand. It intends to grow and improve NZ Bus, relying on its existing experience and also introducing new strategic direction and bus management practices. NZB Finco also intends to undertake developments at the Auckland and Wellington bus depots that will create job opportunities in New Zealand.

NZ Bus's vendor Swift Transport is a subsidiary of Infratil (who last month got consent to buy Vodafone). NZ Bus describes itself as NZ's largest urban public transport business, with a fleet of over 630 buses operating bus services from 11 depots and employs approximately 1,300 people. The business is underpinned by long-term contracts averaging eight years in Auckland and 11 years in Wellington. In 1992 Stagecoach bought Wellington City Buses and the Wellington and Auckland Railways when NZ Rail and various municipal operations were privatised.

It bought Eastbourne Buses in 1993, Runcimans Motors in 1994, Auckland Yellow Business and Fullers Ferries in 1998. Infratil bought Stagecoach in 2005 and renamed it NZ Bus. NZ Bus sold Fullers to Souters in 2009 and bought Whangarei bus operation Adams Travelines (Northbus) in 2008 selling it on to Richies in 2013. In 2012 the Government introduced the Public Transport Operating Model (PTOM), and in 2017 NZ Bus secured 20 long-term contracts in Auckland and five in Wellington. At which point Wellington bus services were redesigned by an overseas expert and turned to custard, as did drivers' terms of employment.

(See NZ Council of Trade Unions 19/9/18, Stuff, 13/7/19, and Ministry of Transport report, 3/8/18.

However, NZ Bus's Website says the "lifetime worth" of the Auckland contracts is $997m and the Wellington contracts $323m - hence the interest from offshore private capital, no doubt, despite the mess. Or perhaps because of it. Can they do worse? Next Capital registered NZB Finco as an NZ company in December 2018. Next Capital describes itself as a leading independent Australian private equity firm, specialising in providing buy-out funding for small to medium growth businesses, typically valued between $A50 million and $A200 million. A couple of these were Australian bus companies Forest Coachlines and GoBus.

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City Developments Singapore To Delist Millennium & Copthorne

The Minister for Land Information and the Associate Minister of Finance have given consent to City Developments Ltd (Hong Leong Investment Holdings Pte Ltd 48.6%; Singapore shareholders 14.3%; North American shareholders 12.3%; various overseas 12%; Asian [excluding Singapore] shareholders 5.5%; UK shareholders 3.9%; European [excluding UK] shareholders 3.4%) to acquire around 35% of shares in Millennium & Copthorne Hotels Plc which, via its interests in Millennium & Copthorne Hotels NZ Ltd and CDL Investments NZ Ltd, has interests in:

• Approximately 280 hectares for residential development throughout NZ held by CDL Investments NZ Ltd
• freehold and leasehold interests in, or management or franchising of, a number of hotels under the Copthorne Hotels, Millennium Hotels, and Kingsgate Hotels brands;

from minority shareholders of Millennium & Copthorne Hotels Plc (UK 100%). The NZ assets of Millennium & Copthorne Hotels Plc are valued at approximately $360.9 million.

The OIO states that City Developments Ltd, a Singapore listed company, intends to increase its existing ownership interest (65.2%) in Millennium & Copthorne Hotels Plc (M&C UK), a UK listed company, to up to 100%. M&C UK holds interests in Millennium & Copthorne Hotels NZ Ltd (M&C NZ) and CDL Investments NZ Ltd (CDL NZ). M&C NZ and CDL NZ hold interests in sensitive land and collectively have assets valued at over $100 million. City Developments seeks to acquire the remaining 34.8% of M&C UK in order to delist the company, to free it from the pressures and short-term expectations it faces as a listed company.

The NZ component of the transaction forms less than 10% of the total asset value and is not a major motivation. City Developments does not have any current plans to cease or substantially alter the existing operations of the NZ subsidiaries M&C NZ and CDL NZ. City Developments, through the operations of M&C NZ and CDL NZ, has a track record of investment in NZ.

Its New Zealand investments have introduced over $120 million worth of investment capital into New Zealand and employed approximately 1,200 employees. It has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character, and has demonstrated financial commitment to the investment.

See commentary of December 2017 for OIO consent for increased ownership of Millennium & Copthorne by City Development Ltd which is 48% owned by the Hong Leong Group, Singapore. A wholly owned subsidiary of Millennium & Copthorne/City Development/Hong Leong is CDL Land, which develops residentiary housing and other subdivisions - for example...

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CDL Land Buys Land For Residential Development In Havelock North

CDL Land NZ Ltd (NZ Public 38.7%; Singapore Public 23.1%; various overseas 11.09%; Hong Leong Group, Singapore 9.6%; Citibank Nominees Singapore Pte Ltd, Singapore 4.6%; UK Public 3.3%; International Value Advises, LLC, USA 3.3%; DBS Nominees Pte Ltd, Singapore 2.6%; DBSN Services Pte Ltd, Singapore 1.8%; BNP Paribas Securities Services, Singapore 1.7%) has consent to acquire approximately 3.0915 hectares at 86 and 96 Arataki Road, Havelock North, Hawkes Bay, from RW Satherley Family Trust, Craig Hamish Satherley and Mason Ronald Satherley. Price withheld under s.9(2)(b)(ii) of the Official Information Act.

The OIO states that this consent is granted in accordance with the increased housing test in Schedule 2(11) of the Act. CDL Land NZ is a residential property developer. The land is residential but not otherwise sensitive. It will be used in conjunction with nearby previously consented land to construct a new residential housing development.

See also April 2019 for CDL's consent to acquire other land in Arataki Rd. CAFCA has documented a series of OIO consents for CDL for various land developments and hotel investment; most recently, a Hamilton residential development in December 2018. CDL Land NZ is a subsidiary of CDL Investments NZ. CDL is a majority-owned subsidiary of NZX-listed Millennium & Copthorne Hotels NZ Ltd, which is about to be delisted by City Developments - see above.

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PAG Group To Buy Yet Another Mansons Development Project In Auckland CBD

CC Artemis Trust PTE. Ltd , (Canadian Public 18.6%; Denmark Public 18.6%; Korean Public 18.6%; US Public 10.2%; Luxembourg Public 10.1%; Malaysian Public 9.3%; Switzerland Public 14.5%) has consent to acquire significant business assets, being property (land size not provided) at 136-142 Fanshawe Street, Wynyard Quarter, Auckland, from Mansons Fanshawe Ltd (Culum Manson Trust, NZ 25%; ECM Trust, NZ 25%; Luke Manson Trust, NZ 25%; Mac Manson Trust, NZ 25.0%). Price withheld under s.9(2)(b)(ii) of the Official Information Act.

The OIO states that CC Artemis is acquiring the property as a commercial investment with Mansons Fanshawe. CC Artemis intends to acquire the property, with Mansons Fanshawe Vendor constructing a building on the property and negotiating leases with office and retail tenants for CC Artemis. The OIO states that CC Artemis is related to the PAG Group, one of Asia's largest alternative investment firms, and also to several companies managing commercial properties in Auckland. CC Artemis has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character, and CC Artemis has demonstrated financial commitment

135-142 Fanshawe St is a development at the bottom of College Hill, at the corner of Victoria Park. CC Artemis Trust was registered in Singapore on 19 February 2019, its principal business being "other holding companies". See commentary of September 2018 when CC Neikea Trust PE Ltd, another goddess and another relative of the PAG group, got consent to buy another Mansons' development at 155-167 Fanshawe St, on the site of a former Caltex station. See NZ Herald (11/3/19) for a video of this still uncompleted development which sold for $247 million.

See May 2017 when another mythological PAG company, CC Hera Trust, got consent for Mansons' development at 46 Sales Street, behind Victoria Street market. See also June 2017 (30 Mahuhu Crescent), March 2015 (167-169 Victoria Street West), June 2007 (8 Tangihua St), September and November 2004 (76 Shortland St and Trinity Park, 600 Great South Rd) for other consents for overseas ownership of Manson developments, all but one being private equity funds. That's a large chunk of downtown Auckland - I wonder how much is owned by New Zealanders these days?

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Ryman Healthcare Buys Anglican Land In Christchurch

Ryman Healthcare Ltd (NZ Public 44.7%; US Public 13%; Geoffrey Alexander Cummings, NZ 10.2%; Kevin James Hickman, NZ 7%; German Public 6.6%; Australian Public 5%; various overseas 13.5%) has consent to acquire 1.2267 hectares at 100 Park Terrace and 20 Dorset Street, Christchurch, from Social Service Council of the Diocese of Christchurch trading as Anglican Care (Canterbury-Westland) (NZ 100%). Price withheld under s.9(2)(b)(ii) of the Official Information Act.

The OIO states that Ryman Healthcare has operated retirement villages in NZ since 1984 and has 32 retirement villages across New Zealand. Its retirement villages offer a range of types of care including independent living, assisted living, rest home care, hospital care and dementia care. Ryman intends to develop a comprehensive care retirement village with approximately 176 residential units. Once construction is complete, approximately 40 fulltime jobs will be created to provide retirement village services to residents. Ryman Healthcare is listed on the NZX and has 61.9% New Zealand ownership

This location is Bishopspark Retirement Village at North Hagley Park, whose Website is no longer accessible. Ryman's proposed two-site village is to be called Park Terrace. See commentary of July 2019 for Ryman's automatic OIO approval for 20 sites for capital-gains-tax-free expansion at undisclosed locations.

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New Forests Marberry Buys Northbank And Benhopai Forests From Koreans

Marberry Estate Ltd has consent to acquire in approximately 3,948 ha. in Marlborough, being the Northbank and Benhopai Forests , from SCFNZ Ltd (Korean Public 97.2%; various overseas 2.8%). Price withheld under s.9(2)(b)(ii) of the Official Information Act. Marberry Estate Ltd is owned by ANZFF3 Ltd, which is wholly owned by ANZFOF3 NZ Pty Ltd, which is ultimately owned by The Trust Company (Australia) Ltd as trustee for the New Forests Australia NZ Forestry Operating Fund 3 which is wholly owned by certain overseas investment funds.

The New Forests Australia NZ Forestry Operating Fund 3 is managed by New Forests Asset Management Pty Ltd, an Australian investment fund that specialises in investing in forestry assets. Price withheld under s.9(2)(b)(ii) of the Official Information Act. I guess they all clip the ticket or pass it on, but who do you ring?

The OIO states that Marberry Estate has applied for consent under the special test relating to forestry activities set out in s.16A(4) of the Act. Approximately three quarters of the land is planted in commercial forestry with the remainder being mostly indigenous vegetation. Upon harvest of the existing commercial crop of trees, Marberry intends to replant with a new crop of trees. The indigenous vegetation will not be harvested.

This is the latest in a rapid series of New Forests' acquisitions, including two under the Marberry Estate name in Pelorus Sound and Kennington, Marlborough (June and July 2019). See also May and June 2018, and February, September and October 2016. A Radio NZ study of OIO consents (7/10/19, has found that the four largest private landowners in NZ are foreign-owned forestry companies. New Forests has acquired more than 77,000 ha since 2015 and is now the country's third largest private landowner.

Grandy Lake Forest Expands In Wairoa

Grandy Lake Forest (NZ) Ltd (Gemmingen-Hornberg family, Germany 100%) has consent to acquire 736.2195 hectares at 450 Mohaka Coach Road, Kotemaori, Wairoa, from Whaitirinui Farm Ltd (NZ 100%) for $6,700,000. The OIO states that Grandy Lake Forest has applied under the special test relating to forestry activities set out in section 16A(4) of the Act. Grandy Lake Forest has been investing in forestry in NZ for 18 years.

It owns a forestry block that adjoins this land, 496 ha of which it intends to develop into a commercial forest. There is also an existing pre-1990 forest area of approximately 48 hectares of mixed poplar/willow that will be retained and/or replanted in alternative species tree crops. The applicant does not intend to clear the existing areas of pioneer indigenous forest and indigenous vegetation. Grandy Lake Forest was registered as an NZ company on 7 June 2000. The Gemmingen-Hornberg family also has Grandy Lake Forest Associates, LLC, Washington State.

In 2016 it reached a $US10m settlement with survivors and families of those killed by a 2014 landslide onto road and houses below where the company had been logging, apparently outside its permitted area. On 5/12/18 Grandy Lake Forest signed the Whangawehi catchment Conservation Management Agreement which convenants 65 ha in total over four estates for the next 25 years.

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Austrian Count Buys Masterton Farms For Forestry Development

DI (FH) Johannes Trauttmansdorff-Weinsberg (Austria 100%) has consent to acquire approximately 1,000 hectares at Adams Peak Road, Masterton, known as Bushgrove and Glentarn Station, from Roger Dickie Developments Ltd Ltd (NZ 100%) for $4,214,295. The OIO states that Trauttmansdorff-Weinsberg has applied for consent under the special test relating to forestry activities in s.16A(4) of the Act.

The land was previously used as two separate sheep and beef farms. The vendor planted 121.7 hectares in Pinus Radiata during 2018 and the remaining plantable area of 548 hectares is currently being planted. The vendor is subdividing the land not required for forestry activities. By the time the applicant acquires the land it is anticipated that it will be fully converted to commercial forest, intended for harvest in 2044.

DI (FH) Johannes Trauttmansdorff-Weinsberg appears to be the founder and managing partner of ImWind Group GmbH, that has been developing wind farms for 15 years and is now one of the largest wind power producers in Austria. This is "von und zu" Trauttmansdorff-Weinsberg, no less. A search of the name will find the House of Trauttmansdorff-Weinsberg's connections to Austrian royalty and historic castles.

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Millbrook Country Club Buys Adjoining Land In Arrowtown

Millbrook Country Club Ltd (Japan 100%) has consent to acquire approximately 1.875 hectares in Arrowtown from Waterfall Park Developments Ltd (NZ 85%; USA 15%) for $1,500,000. The OIO states that Millbrook Country Club owns and operates Millbrook Resort in Arrowtown, a five-star resort with golfing, accommodation, conference, restaurant, and health and fitness facilities as well as lifestyle and accommodation living.

It is acquiring the land, which adjoins Millbrook Resort, to provide additional development options and to increase the amenity values of the resort. The benefits to New Zealand include additional investment for development, the creation of new jobs for subdivision and infrastructure works, increased annual export receipts for accommodation and other services, enhancing the ongoing viability of Millbrook Resort and previous investment in it.

Millbrook Resort is a luxury resort near Queenstown, 4 kms west of Arrowtown. It covers 200 ha. of the Wakatipu Basin, a glacial valley bordered by the Crown Range, the Remarkables and Lake Wakatipu. It has three restaurants, a bar/cafe, a spa and a 27-hole golf course. It has hosted Commonwealth heads of state, US presidents and royalty. Millbrook has been privately owned by the Ishii family since 1987, though individual residences are owned by investors, largely from New Zealand but also Australia and elsewhere. Founder Eiichi Ishii received an NZ Order of Merit in 2016, and died recently in Tokyo (Otago Daily Times, 26/7/19). Back to Top

Chinese-Owned Mataura Milk Buys Up Neighbours In Gore

Mataura Valley Milk Ltd (Government, PR China 82.6%; supplier shareholders, NZ 9.94%; Annette and Ian Tulloch, NZ 3.2%; various NZ and overseas 4.3%) has consent to acquire approximately 4.3074 hectares at 9, 15, 23, 23A and 25 Ballast Road, and 282 and 292 Waipahi Gore Highway, Gore, from Ballast Holdings Ltd (Annette and Ian Tulloch , NZ 100%); Trevor Thomas Woodrow (NZ 100%) and Julie Saunders (NZ 100%) for $1,115,000.

The OIO states that Mataura Value Milk is a processor of NZ milk based in Gore. The land borders on its milk processing factory. It intends to clear the land of its uninhabited buildings, implement a pest control programme, convert the land to pasture, and construct appropriate boundary fencing. Through this Investment, Mataura intends to future-proof and strengthen the current and future operation of its dairy plant, and to create future opportunities for growth and expansion of its business activities.

In the immediate to near term, this will ensure that the dairy plant has adequate surrounding land as a buffer zone to reduce potential sources of contamination and comply with international best practice. This is expected to assist in managing risks in operating the processing plant and enhance its future viability.

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More Land For T&G Apples In Hawke's Bay

T&G Global Ltd (Germany 74%; China Public 11.6%; Legend Holdings Group PR 8.4%; NZ Public 5.1%; NZ Public and various NZ 0.8%; various overseas 0.1%) has consent to acquire a leasehold interest in 9.6 hectares of land at 162 Tuki Tuki Road, Haumoana, Hawke’s Bay, from FJ Moughan & Sons Ltd (NZ 100%). Price withheld under s.9(2)(b)(ii) of the Official Information Act.

The OIO states that T&G Global, an established apple grower in NZ, intends to lease currently planted in apples and intends to develop the land to plant to grow Jazz and Envy varieties using the 2D planting system. The likely benefits include job creation and an increase of export receipts, which are factors of high relative importance under the Ministerial Directive.

It will also increase productivity on the land and additional royalties for the Plant & Food Research Crown Research Institute. The OIO is satisfied that the benefits from the investment are substantial and identifiable. This orchard is close by land consented in March 2019. This is the 11th consent for T&G Global (Apollo Apples) in the past two years, all for leased land.

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Preformed Line Products Buys Its Leased Land In East Tamaki

Electropar Ltd (Robert G Ruhlman, USA 33%; Randall M Ruhlman, USA 28.7%; Barbara P Ruhlman, USA 27.9%; US Public 10.4%) has consent to acquire 0.6 hectares at 35 Lady Ruby Drive, East Tamaki, Auckland, from Carol Anne Campbell (50%) and Tony Lachlan Wallace (50%) as trustees of the Murray Wallace Trust for $9,200,000.

The OIO states that Electropar is a leading provider of electrical engineering solutions for the Australasian electrical transmission and distribution, defence and industrial sectors. Electropar currently leases the land and the buildings on it, from which it has operated manufacturing and warehousing aspects of its NZ business since 2010. Consent is required because the land adjoins the Hampton Park Reserve.

Electropar has previously undertaken investment that has been, and continues to be, of benefit to NZ. The investment will enhance the on-going viability of the operation and growth of the NZ business, which offers valuable services and products to NZ and employs New Zealanders. The investment is likely to result in added market competition.

www.Electropar.co.nz turns up the Website of Preformed Line Products (PLP). The Preformed Line Products Co., Ohio is Electropar's ultimate holding company. PLP began after WW2 with an innovative electrical conductor design. By the 1960s it was manufacturing or licensing for manufacture in Canada, England, Germany, India and Australia; then England, Spain Japan Brazil and Mexico.

It moved into solar with a Mexican partner in 2007-2008, then went fully global with a range of products and subsidiaries from 2009-2010. In 2010 it acquired Electropar, an NZ company (registered in 1950) that designed and manufactured electricity pole line and substation hardware, with a subsidiary in Australia. Preformed Line Products is publicly traded on the NASDAQ market (PLPC).

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Fisher & Paykel Buys Residential Unit For A Showroom

Fisher & Paykel Appliances Ltd (China PR 46%, Hong Kong 11%, Singapore 4% and other 40%) has consent to acquire residential (but not otherwise sensitive) land, being a ground floor unit, approximately 0.0813 ha. and 12 car parks in the Crest Apartment Building at 199-209 Great North Road and 2 Turakina Street, Auckland, from Crest Apartments Ltd Ltd (NZ 100%) for $5,569,094 plus GST (if any).

The OIO states that Fisher & Paykel Appliances is an NZ registered company that designs, manufactures and distributes household appliances and whiteware. This consent was granted in accordance under the non-residential use test in Schedule 2 of the Act. It allows Fisher & Paykel to buy the property to develop and operate a Fisher & Paykel commercial showroom. Fisher & Paykel, iconic NZ whiteware importer, then manufacturer, since the 1930s was bought out by Haier in 2012 (see October 2012 consents). The NZ division now designs Haier products for the global market, manufacturing in Mexico, Italy, Thailand and China.

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