May 2006 decisions

PEP buys Griffins from Danone

Qualcare acquires Eversley Elder Care from Presbyterian Support

Macquarie Goodman leases more Manukau land to sub-lease to Linfox

Trustpower acquires further land for Arnold Valley Hydro scheme

Oceana Gold acquires confiscated land for heritage park at Macraes gold mine

Epsom homestead to French Polynesia Govt for functions, accommodation

Accor subsidiary buys Puka Park Resort at Pauanui Beach, Coromandel

Auckland University company sets up US registered company to take itself over

Over 12,000 hectares of forest to Tiong-owned Ernslaw One from Ngai Tahu

Land for wine

Ambreed relocates dairy semen production farm to meet EU requirements

Other rural land sales

Summary statistics

 

PEP buys Griffins from Danone

Pacific Equity Partners Fund II/III managed by Pacific Equity Partners Pty Limited, owned 64.8% in the U.S.A., 18.9% in Australia, 9.75% in the U.K., and 6.55% by “various overseas persons”, has approval to acquire Griffins Foods Limited, including 8.6 hectares at 75 Wainui Road, Lower Hutt, Wellington, for $340,000,000 from Danone Asia Pte Limited, owned 96.78% in France by Groupe Danone, and 3.22% by “Unknown Overseas Persons”.

 

According to the OIO,

 

Pacific Equity Partners Pty Limited (PEP) on behalf of Pacific Equity Partners Fund II and Pacific Equity Partners Fund III (Fund II and Fund III) proposes to acquire up to 100% of the shares of Griffins Foods Limited (Griffins). NZ Snack Food Holdings Limited has been incorporated by PEP to complete the acquisition. Griffins manufacture and market a portfolio of branded and unbranded consumer products including biscuits, crackers and savoury snacks primarily for the New Zealand market. The Applicant proposes to acquire Griffins because it provides an opportunity to utilise PEP’s management expertise, capital resources and understanding of financial structuring to improve operating performance and create value.

 

Griffins claims to be the market leader in biscuit sales in Aotearoa. It also markets crackers, nuts and savoury snacks. Founded in 1854 in Nelson, it became overseas owned in 1962 when taken over by Nabisco Pty Ltd. It went through a succession of overseas owners over the following decades, who also took over other manufacturers in Aotearoa such as Aulsebrooks and Huntley and Palmers, and later disposed of some ranges such as confectionery, mayonnaise (the Praise brand) and peanut butter (the Eta brand). The latter two were sold to Heinz-Wattie in June 1998 (see our commentary for that month for further details) though it maintains the Eta brand for chips and nuts. (See http://www.griffins.co.nz/Corporate/CompanyInformation/History.)

 

[Decision number 200610060.]

Qualcare acquires Eversley Elder Care from Presbyterian Support

Qualcare Holdings Limited has approval to acquire 0.66 hectares at 400 Cornwall Road, Hastings, Hawkes Bay for $2,597,221 from Presbyterian Support East Coast of Aotearoa. In fact this is the Eversley Elder Care facility.

 

The land “includes a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993.”

 

The OIO states:

 

The Applicant has previously received consent to acquire 16 aged care facilities (including private hospitals) and retirement villages owned by Elrond and the Qualcare Vendors, situated in Auckland, Tauranga, Hamilton, Wellington, Picton, Nelson, Blenheim, Rangiora, Christchurch, and Ashburton. The proposed acquisition of the Eversley Elder Care facility will establish a presence for the Applicant in the Hawkes Bay region.

 

The previous consents for the Elrond purchase were in December 2005. See our commentary for that month for further details.

 

Qualcare is owned, says the OIO,

·        37.08% by minority shareholders in Australia,

·        12.1% in Singapore

·        5.775% in the U.S.A.

·        4.4% in the Netherlands

·        2.75% in the U.K.

·        2.475% in Switzerland

·        32.29% in Aotearoa by Hermitage Holdings Limited as trustee for the Hermitage Trust

·        1.61% in Aotearoa by Earl Gasparich, Celia Gasparich and Carla Pearce as trustees of the Gasparich Family Trust, and

·        1.52% in Aotearoa by Kerry Grant McIntosh and Michael Tinkler as trustees of the Icarus Trust

[Decision number 200610058.]

Macquarie Goodman leases more Manukau land to sub-lease to Linfox

In two approvals, Macquarie Goodman companies obtain approval to acquire leases over further land at 60 Westney Road, Manukau, Auckland from Workstore Developments Limited, owned 50% by Richard Balcombe-Langridge, Glenda Eveleen Balcombe-Langridge and Andrew Balcombe-Langridge as trustees of the Chiswick Trust, 25% by Christopher Verissimo as trustee of the Christopher Verissimo Trust, and 25% by Terrence John Scott as trustee of the Terrence John Scott Trust, all of Aotearoa. The land in both cases “includes/adjoins land that exceeds 0.4 hectares which is provided as a reserve, a public park, for recreation purposes, or a private open space”.

 

In the first, Macquarie Goodman Nominee (NZ) Limited as nominee for the Macquarie Goodman Property Trust, owned 25.41% by minority shareholders in Australia, 2.5% in Australia by Macquarie Bank Limited, 69.74% by minority shareholders in Aotearoa and 2.35% in Aotearoa by Goodman Holdings, has approval to acquire 1.9 hectares of leasehold for a suppressed amount.

 

According to the OIO,

 

The land the subject of this application adjoins 7.2 hectares of land … upon which the Applicant proposes to undertake a commercial property development which will be sub-leased to Linfox Logistics (NZ) Limited to be utilised for a logistics operation and warehousing. The entry into a sub-lease with Linfox will facilitate the proposed development to be undertaken by the Applicant. The subject land will be utilised as an extension of that development.

 

The 7.2 hectares of leasehold referred to was approved in November 2004. See our commentary for that month for further details. [Decision number 200610052.]

 

In the second approval, Macquarie Goodman Nominee (NZ) Limited and Macquarie Goodman Nominee (NZ) No 2 Limited as nominee of the Macquarie Goodman Property Trust and Macquarie Goodman Group, owned 54.555% by minority shareholders in Australia, 5.5% in Australia by Macquarie Bank Limited, 34.87% by minority shareholders in Aotearoa, and 5.075% in Aotearoa by Goodman Holdings, has approval to acquire 3.0 hectares of leasehold.

 

The OIO states:

 

The Applicant proposes to undertake a commercial property development on the subject land which will be sub-leased to DTC Holdings Limited (DTC) and Daniel Silva Limited (Silva) to be utilised for warehouse and distribution facilities. The entry into a sub-lease will facilitate the proposed development to be undertaken by the Applicant. [Decision number 200610063.]

 

In both cases, according to the OIO,

 

The Applicant has received consent to enter into options to lease all of or part of a 34 hectares property located at 60 Westney Road, Manukau, Auckland. The Applicant proposes to enter into a ground lease of the subject property (which forms part of the 34 hectare property) from Workstore Developments Limited (Workstore) for an initial term of 20 years. The ground lease will be perpetually renewable.

 

We have no record of the consent referred to.

Trustpower acquires further land for Arnold Valley Hydro scheme

TrustPower Limited, owned 23.77% in the U.S.A. by Alliant Energy Corporation, 35.18% in Aotearoa by Infratil Limited, 28.56% in Aotearoa by Tauranga Energy Consumers Trust, and 12.49% in Aotearoa by minority shareholders in Aotearoa, has approval to acquire 6.3 hectares at Arnold Valley Road, Kaimata, West Coast for a suppressed amount from Gordon Harry Speirs and Janette Marie Speirs of Aotearoa.

 

According to the OIO,

 

The Applicant (TrustPower) proposes to acquire the subject land as part of the development of the Arnold Valley Hydro-electric Power Scheme (Arnold Valley Scheme), which will comprise a new intake dam, canal, flumes, head pond, regulation pond, and a power station, situated at the Arnold River on the West Coast of the South Island. TrustPower currently owns and operates an existing hydro-electric power station on the Arnold River, which will be decommissioned and demolished following construction of the Arnold Valley Scheme. The subject property is being acquired to implement the Arnold Valley Scheme.

 

Trustpower also bought land for the scheme in April 2006. See our commentary for that month for further details. Infratil and Alliant are regarded as related parties as shareholders in Trustpower, having made agreements to cooperate in the use of their shareholding interest. [Decision number 200610053.]

Oceana Gold acquires confiscated land for heritage park at Macraes gold mine

Oceana Gold (New Zealand) Limited, owned in Australia, has approval to acquire 0.053 hectares at 5 Main Street, Macraes, Otago for $7,987 from the Waitaki District Council.

 

The OIO states:

 

The Applicant, Oceana Gold (New Zealand) Limited (Oceana), is seeking consent to acquire the subject land which is being sold by the Waitaki District Council pursuant to a public tender. The land has been declared vacant by the Oamaru District Court which has authorised the Waitaki District Council to sell the land pursuant to the Rating Act to recover unpaid rates. The subject land adjoins approximately 1,600 hectares of land owned by the Applicant at Macraes.

 

Oceana is an indirect wholly-owned subsidiary of Oceana Gold Limited, a company listed on the Australian and New Zealand Stock Exchange. The Oceana group is New Zealand’s largest gold producer. Oceana proposes to develop the land as part of a Heritage and Art Park being developed at the Macraes village. The Heritage and Art Park development has been ongoing since 2003 and will continue to 2012 or such later date of completion of the Applicant’s mining operations when the park will be officially open to the public.

 

[Decision number 200610054.]

Epsom homestead to French Polynesia Govt for functions, accommodation

The Government of French Polynesia (Tahiti) has approval to acquire 0.80 hectares at 187 Gillies Avenue, Epsom, Auckland for $7,600,000. The purchase is from Rocklands Park Limited, which is owned 20% by Colin Grant Elliott and Grant Rhys Elliott as trustees of The Boyd Rhys Trust, 20% by David Leslie Pooch, Brendan Timothy Wood, and Bryce Harris as trustees of The Paolo Pucci Trust, 20% by Brian Robert Stafford-Bush, Patricia Mary Stafford-Bush and Rob Willis Trustee Services Limited as trustees of the Little Herons Trust and the Bush Sapling Trust, 10% by Kevin Allan Rainey, 10% by Sheryl Anne Samuel, 10% by Madge Mary Samuel, and 10% by David Logan Samuel, all of Aotearoa.

 

The land “includes a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993”.

 

The OIO states:

 

The land contains a historic homestead and four residential blocks containing 169 rooms known as Rockland’s Hostel. The Government of French Polynesia proposes to acquire the land for use to host official functions and to establish a presence in New Zealand to encourage ties between French Polynesia and New Zealand. The accommodation will provide accommodation for French Polynesian students, and nationals and their families in need of medical treatment in New Zealand.

 

[Decision number 200610057.]

Accor subsidiary buys Puka Park Resort at Pauanui Beach, Coromandel

A.P.V.C. Limited of Australia, owned 100% in Australia, has approval to acquire 8.0 hectares at 47 Mount Avenue, Pauanui Beach, Coromandel Peninsula for a suppressed amount from Puka Park Resort Limited of Aotearoa.

 

According to the OIO,

 

The Applicant, A.P.V.C. Limited (APVC) proposes to acquire the subject property known as the Puka Park Resort, which is currently managed by AAPC Properties Pty Limited, a member of the Accor group. APVC acts as the responsible entity for the Accor Premiere Vacation Club (Club). APVC advises that the property is ideally located for the Club’s members particularly the New Zealand members, the majority of whom live in the Auckland region. The Puka Park Resort comprises 48 accommodation chalets, conference and function centre, restaurant, lounge area and deck, spa and beauty facility, pool, spa, sauna, and tennis court, and gymnasium.

 

APVC is part of a joint venture between the Becton Property Group Limited, a company listed on the Australian Stock Exchange, and Accor SA a company listed on the Paris Euronext. The Becton Property Group Limited business activities include property management and development. The Accor group includes AAPC Limited which is responsible for the operation of over 250 hotel and resort properties comprising in excess of 42,000 rooms in Australia, New Zealand, East Asia, and the South Pacific regions. AAPC’s brands include Formule 1, Ibis, Mercure, Novotel, and Sofitel.

 

The Club is an Australian Registered Management Investment Scheme. Interests (memberships) in the Club confer on holders a beneficial interest in hotel and resort properties owned by APVC, the right to book and stay at Club properties, and at the termination of the Club the right to share in the net proceeds derived from the ultimate sale of the property.”

 

[Decision number 200610065.]

Auckland University company sets up US registered company to take itself over

Protemix, Inc., owned 95.6029% in Aotearoa, 2.2221% in the U.S.A., and 2.1749% in the U.K. has approval to acquire Protemix Corporation Limited, Auckland from Protemix Corporation Limited, with identical ownership. The price was initially suppressed by the OIO, but was released on appeal as $101,600,000,

 

The OIO states:

 

Protemix Corporation Limited is a biopharmaceutical company that discovers and develops medicinal therapies through productive drug discovery and a world class research and clinical team. Its focus is on cardiovascular disease, diabetes and its complications, and other metabolic disorders such as obesity, as well as neurodegenerative disorders. The research facilities are housed within the University of Auckland.

 

Protemix, Inc, a company incorporated in the United States of America, proposes to acquire 100% of Protemix Corporation Limited. Immediately after the acquisition by Protemix, Inc. the existing shareholders of Protemix Corporation Limited will become shareholders in Protemix, Inc. This will be effected by way of a share exchange. The subject transaction is likely to provide the Protemix business with easier access to the United States capital markets in order to support its continued growth. [Decision number 200610064.]

Over 12,000 hectares of forest to Tiong-owned Ernslaw One from Ngai Tahu

Ernslaw One Limited, owned 100% in Malaysia by the Tiong Family, has approval to acquire 12,416 hectares at Blue Mountains, Tapanui, Otago for a suppressed amount from Ngai Tahu Forest Estates Limited of Aotearoa. The land “adjoins land held for conservation purposes under the Conservation Act 1987; and which exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator.”

 

The OIO states:

 

The Applicant owns or occupies (via forestry rights or licences) approximately 28,769 hectares of forest in the Otago/Southland region. A subsidiary of the Applicant, Blue Mountain Lumber, operates a sawmill and remanufacturing plant at Conical Hill near Tapanui. The Applicant proposes to acquire the freehold of the Blue Mountains Forest situated near Tapanui. The Applicant entered into a 60 year Crown Forest Licence over the land in 1990. The Crown Forest Licence was relinquished in 1999 and the Applicant acquired a Forestry Right from Ngai Tahu. The acquisition of the freehold of the land will provide the Applicant with increased security of tenure in respect of the forest and land.

 

[Decision number 200610066.]

Land for wine

·      Richard Peter Hughes and Ruth Gaenor Holley Hughes of the U.K. have approval to acquire 15 hectares at Ngakaroa Road, Ormond, Gisborne for $1,675,000 from Colin Alistair Cameron and Gail Frances Cameron of Aotearoa. According to the OIO, “The Applicants who have been granted New Zealand Residence Visas propose to acquire the subject property as a permanent residence for themselves and family. The subject land is an established vineyard planted in chardonnay, gewürztraminer and muscat. The Applicants are demonstrating a commitment to New Zealand through applying for and taking up New Zealand permanent residency.” [Decision number 200610062.]

·      Nobilo Wine Group Limited/Strathallan Trust Partnership, owned 50% in the U.S.A. by Constellation International Holdings Limited, and 50% in Aotearoa by Peter MacDonald Hyslop, Bridget Louise Hyslop and Heretaunga Trustees Limited as trustees of the Strathallan Trust of Aotearoa, has approval to acquire 104 hectares of leasehold land at 1732 Matapiro Road, Hastings, Hawkes Bay for $2,624,782 from the Strathallan Trust. According to the OIO, “Nobilo Wine Group Limited (Nobilo) carries out a fully integrated viticulture business, which includes the growing and development of grapes, and the manufacture, importation, distribution and sale of red and white wine within New Zealand and, increasingly, for export markets. Nobilo advises that export growth has been constrained by grape supply. Nobilo proposes to secure additional grape supply and increased processing capacity. Nobilo currently has a variety of interests in New Zealand, including land utilised for the growing of grapes, and as wineries and production sites. In total it either owns or leases approximately 790 hectares of vineyards, in New Zealand predominantly in the Hawkes Bay, Marlborough and Auckland regions. Nobilo also sources grapes from contract growers from around 1,400 hectares in area. Nobilo proposes to enter into a partnership with the existing owner of the subject land under which the partnership will lease the subject land to undertake a viticultural development. Nobilo advises that the property has a total of approximately 98 plantable hectares which will be planted in Sauvignon Blanc vines. The proposed acquisition will provide Nobilo with an increase in grape supply which will allow it to continue to develop its export wine markets and enhance the reputation of New Zealand wine overseas. This is likely to result in significant increases in employment, processing of grapes and export levels.” [Decision number 200610061.]

·      Waiaua Bay Farm Limited, owned by Julian Hart Robertson of the U.S.A., has approval to acquire the remaining 25% of Te Awa Vineyard Limited and D R Wines Limited, including 125 hectares comprising

·      110 hectares at Ngatarawa Road/State Highway 50, Hastings, Hawkes Bay; and

·      15 hectares at Puruatanga Road, Martinborough, Wairarapa

for $4,482,569 from the Oliver Family Trust of the U.S.A. The OIO states: “Te Awa Vineyard Limited (Te Awa) received consent to acquire land known as the Te Awa Vineyard on 27 November 2002. D R Wines Limited (Dry River) received consent on 14 February 2003 to acquire land known as the Dry River vineyard. Both Te Awa and Dry River are owned 75% by Waiaua Bay Farm Limited (Waiaua Bay Farm) and 25% by the Oliver Family Trust. Te Awa holds 109.808 hectares of land near Hastings operated as a vineyard to supply grapes to Te Awa Winery Limited. Dry River operates a vineyard and winery business near Martinborough. Mr Oliver, a trustee of the Oliver Family Trust, passed away on 24 June 2005, and since this time the Oliver Family Trust has been a passive shareholder in Te Awa and Dry River, and has begun a process of rationalising and divesting its investments. Waiaua Bay Farm proposes to acquire the remaining 25% of shares in Te Awa and Dry River in order to ensure the continued viability of the businesses and to cement the long-term strategy for the development of the Te Awa and Dry River brands.” Billionaire Robertson has made numerous land purchases in Aotearoa. See our commentary for November 2002 and February 2003 for further details of the purchases referred to here. [Decision number 200610059.]

Ambreed relocates dairy semen production farm to meet EU requirements

Ambreed N.Z. Limited, owned 100% in Netherlands by CR Delta VRV Holdings BV, has approval to acquire 238 hectares “which, either alone or together with any associated land … adjoins the foreshore”, at 193 Mangiti Road, Ngaruawahia, Waikato for $6,000,000 from Peninsula Farm Limited, owned by Clive James Coulson and Sherry Esther Coulson.

 

The OIO states:

 

Ambreed NZ. Limited (Ambreed) carries on business in New Zealand as a dairy semen production and sales business. Ambreed owns a 133.55 hectare property at Kiwitahi Station Road, Morrinsville which is currently used for the housing of bulls while semen is undergoing testing. The Applicant proposes to relocate the facility situated at Kiwitahi Station Road, Morrinsville by selling that property and acquiring the subject property. The subject property is better suited for segregating bulls away from other dairy animals in order to prevent IBR virus infection. Ambreed advises that the European Union has required semen sold for use in the European Union be IBR free for New Zealand origin semen since 1 January 2005.

 

(IBR virus is Infectious Bovine Rhinotracheitis, also known as Red-Nose, a respiratory disease of cattle which is in the Herpes group.)

 

[Decision number 200610049.]

Other rural land sales

·      Alexandre Daniel Kirby of the U.K. has approval to acquire 1.2 hectares of freehold land “which, either alone or together with any associated land … adjoins the foreshore”, at 4316 State Highway 23, Raglan, Waikato for $930,000 from Michael Anthony Keating and Dawn Patricia Keating of Aotearoa. According to the OIO, “The Applicant who has applied for New Zealand permanent residency under the Skilled Migrant category, proposes to acquire the subject property as a permanent residence for himself and his family. The Applicants are demonstrating a commitment to New Zealand through applying for and taking up New Zealand permanent residency.” [Decision number 200610048.]

·      Paranui Piggery Company Limited, owned 54% by Francois Augustus Jardonnet, 14% by Jerry Jardonnet, 12% by Awlina Jardonnet, 5% by Rituina Jardonnet, and 5% Caroline by Jardonnet-Millon, all of Tahiti, and 10% by Stephen Kidby of Aotearoa, has approval to acquire 27 hectares at 316 Paranui Road, Foxton, Manawatu for $478,125 from Jennifer Joy Barnes and Ian Alfred Barnes of Aotearoa. According to the OIO, “The Applicant received consent in April 1994 to acquire 27.0456 hectares of land which adjoins the subject land. Since this date, the Applicant has further developed the land and piggery resulting in increased productivity. The proposed acquisition of the subject land will provide the Applicant with the ability to use by products (manure) from the piggery to fertilise the land to enable the establishment of a viable cattle rearing operation.” See our commentary for April 1994 for further details of the original purchase. [Decision number 200610055.]

·      Waiwhero Farm Company LLC, owned 100% by Peter Jay Rothenberg and Laraine Silver Rothenberg of the U.S.A., has approval to acquire 131 hectares at Waiwhero Road, Ngatimoti, Motueka, Nelson for $821,250 from Norman Hubert Smith and June Evelyn Smith of Aotearoa. The OIO states: “The Applicant proposes to acquire the subject property and carry on the existing grazing arrangements, and to undertake a forestry development on approximately 26 hectares of the property. The proposed forestry development includes re-planting of approximately 6.5 hectares of existing forestry that is described as being of poor condition. The forestry development will comprise a mix of radiata pine, lusitanica and douglas fir. In addition approximately 7 hectares will be planted in non-plantation ornamental and native species. The Applicants advise that the forestry development will improve the commercial viability of the property and together with the ornamental/native plantings clear the areas of the property currently covered in gorse. The property contains a wetland, known as the Waiwhero Road Wetland which is protected by the registration of a Queen Elizabeth II Open Space covenant. The Applicant intends to continue to develop and improve the wetlands area.” [Decision number 200610050.]

·      Kenneth Giles McDermott, Kathleen McDermott and Philip William Earl Donaldson as trustees of the Fair Hill Trust of the U.S.A. have approval to acquire 4.8 hectares at Westbank Road, Pokororo, Motueka, Nelson for $485,000 from Muriel Beverley Moody of Aotearoa. According to the OIO, “The Applicant proposes to acquire the subject property which adjoins 340.7735 hectares of land acquired by the Applicant in 2003. The Applicant advises that as the subject land is flat to gently rolling it will be an ideal parcel of land on which to grow fodder crops for winter feed, and to enable more cattle to be wintered on-farm, to support the Applicant’s farming operation.” The McDermotts bought the original 341 hectare property in June 2003 for $2,092,500. See our commentary for that month for further details. [Decision number 200610051.]

·      Jan Marten Kingma of the Netherlands has approval to acquire 298 hectares at Kapuka, Invercargill, Southland for $6,413,690 from Kapuka Farm Limited, owned 50% by Joacobus Geradus van der Helm and Greetje van der Helm, and 50% by Pieter Meyers and Jacoba Cornella Meyers and Robertus Laurentius Bruin, all of Aotearoa, as trustees of the Farm View Trust. According to the OIO, “The Applicant, who is experienced in the dairy industry in the Netherlands, proposes to acquire the subject dairy farming property. The land contains a 175 hectare dairy farm and 122 hectares utilised as a run-off. The Applicant proposes to establish a facility to import and propagate European genetics into the New Zealand dairy industry. An intensive commercial breeding and rearing enterprise will be established to offer contract mating facilities for dairy farmers.” [Decision number 200610056.]

Summary statistics

All investments

The usual pattern of the value of investment approved in the year to May 2006 being considerably higher than for the previous May year is repeated, with the net value (i.e. disregarding sales from one overseas investor to another, and discounting part New Zealand ownership of the assets) also higher. By far the greatest part of the value of the approvals is for sale from one overseas investor to another.

 

Value of Investments approved

 

May

2006

YTD

2005

Year to May

Number of approvals

19

59

66

Gross value of consideration

506,779,988

3,168,676,815

1,961,798,118

Net Investment

26,326,506

1,200,277,355

757,685,339

 

 

 

 

Investments Refused under The Overseas Investment Acts 1973 and 2005

 

May

2006

YTD

2005

Year to May

Number of Refusals

0

1

1

Gross value of consideration ($)

0

506,250

890,000

Gross land area (ha)

0

22

14

 

Investment involving land

Gross and net sales of freehold land approved by the OIO during the years to May have increased in area, though leasehold land sales have fallen. Refusals (above) are similar to last year, but are still a tiny proportion of the total.

 

Freehold Land Approved for Sale

 

May

2006

YTD

2005

Year to May

Number of approvals

15

47

56

Gross land area (ha)

13,281

15,417

7,083

Net land area (ha)

13,139

14,116

 4,930

 

Other Interests in Land Approved for Sale

(For Example, Leases & Crown Pastoral Leases)

 

May

2006

YTD

2005

Year to May

Number of Approvals

3

8

15

Gross land area (ha)

109

322

1,087

Net land area (ha)

54

185

1,019

 

 

Compiled by:

Campaign Against Foreign Control of Aotearoa,

P. O. Box 2258 

Christchurch.