Land purchases by overseas companies approved
The Overseas Investment Office has approved three purchases of New Zealand land by foreign-controlled companies.
Foley Family Wines Ltd, which is NZX-listed but majority owned by US-based Bill Foley, has been granted consent to buy Mt Difficulty Wines Ltd in Central Otago.
Mt Difficulty is a medium-sized vineyard known for its Mt Difficulty and Roaring Meg labels and particularly its pinot noir. The purchase includes about 70 hectares of freehold land and about 110 hectares of leasehold land.
The Overseas Investment Office says Foley Family Wines’ application took about 8½ months to process, during which the Office and the Ministers of Land Information and Finance undertook "a robust assessment of the application to ensure the investment would provide substantial and identifiable benefits to New Zealand."
Austrian-based OMV New Zealand is buying two offshore Taranaki gas fields and onshore production and storage facilities, after receiving consent under the Overseas Investment Act.
James Hardie New Zealand, which is owned by the global James Hardie group of companies, has been granted approval to buy a 61-hectare property at Kaukapakapa to extract and process silica sand for fibre cement products used in the construction industry.
Last updated on the 7th February 2019