Foreign investment in Aotearoa/New Zealand

Overseas Investment Office – October 2019 Decisions

This month, another controversy consent for Waihi tailings ponds, four forestry consents including a rubber stamp, and two consents declined.

Labour Ministers Allow OceanaGold To Buy More Waihi Land For Tailings Ponds

The Minister of Finance and the Associate Minister of Finance have granted consent to OceanaGold (New Zealand) Ltd (US Public 49%; Canada Public 19%; Australian Public 9%; UK Public 9%; European Public 8%; Germany 4%; various 2%) to acquire land in Waihi for $8,850,00. Details of the land and vendor are withheld under s.9(2)(b)(ii) of the Official Information Act.

The Ministers state that OceanaGold owns and operates gold mines in Waihi, and is acquiring this rural land to expand its gold mining operations. They consider this will benefit NZ through retention of about 340 fulltime jobs and exports estimated at $2 billion over nine years. OceanaGold has satisfied Ministers that the individuals who will control the investment have the relevant business experience and acumen and are of good character, and OceanaGold has demonstrated financial commitment to the investment. The Ministers are satisfied the overseas investment is likely to result in substantial and identifiable benefit to New Zealand.

In May 2019 the OIO gave consent for OceanaGold to acquire for four residential section (details withheld) but Minister for Land Information Sage (Greens) blocked another OceanaGold consent for Waihi land, which was later granted on reapplication by the above Finance Ministers (Labour) – as with this one. Stuff (8/10/19) reports that OceanaGold then withdrew a judicial review application it had made after the earlier rejection.

The assessment report for this consent (obtained with redactions) confirms that these land purchases are to create storage ponds for gold mine tailings, which are the watery, toxic sludge left over from the extraction process.

Minister Sage expressed concerns about soil contamination, increased carbon emissions and the reservoir’s safety – referencing notable international tailings dam failures, including catastrophic ones in Brazil earlier in 2019 and four years earlier. In regard to jobs, she noted lack of evidence, that mining was “inherently non-renewable” and that the 178 ha of land was currently used for food production which might not be possible post-mine (Jacobs, Stuff, 2/7/19).

An OceanaGold media release (29/11/19) makes reference to transitioning from the existing Correnso Underground at Waihi to the Martha Underground, with currently “solid” exploration results and production expected to start there in early 2021.

OceanaGold must own quite a bit of Waihi already; RNZ rated it 26th of the 50 largest landowners in NZ, with 13,582 ha (RNZ, 17/10/19). See May 2019 commentary for background on OceanaGold.

Ministers Reject Canadian Investment In Canterbury Dairying

The Minister for Land Information and the Associate Minister of Finance have declined consent for Mercury Agriculture LP (Global Agriculture Open End Fund (Canada II) LP 75.3%; Global Agriculture Open End Fund (Canada) LP 17.6%; Global Agriculture Open Fund (International) LP 7.17%) to acquire sensitive land and significant business assets, being up to a 68.3% interest in Rangitata Dairies Limited Partnership and Rangitata GP Ltd which has:

approximately 1,912 ha. at Rangitata, Geraldine;
approximately 212 ha. at Temuka;
approximately 1,002 ha. at Ashburton;
approximately 816 ha. at Cromwell;
lease approximately 12 ha. at Rangitata, Geraldine; and
lease approximately 108 ha. at Temuka; and
• lease approximately 492 ha. at Ashburton,

from existing owners of Rangitata Dairies Ltd Partnership and Rangitata GP Ltd (NZ (100%).

The Ministers state that Mercury Agriculture is a NZ registered limited partnership created for the proposed Investment. It is an investment vehicle for Fiera Comox Partners Inc. which has established a fund to invest in agricultural land and rural producing assets in New Zealand, Australia, Canada and the USA. Rangitata Dairies LP owns eight dairy farms in South Canterbury, a dairy support farm in Otago and leases farmland as dairy support in Canterbury.

Fiera Comox describes “farmland as an asset class”, generating returns on investments in five million acres globally. Its Website describes management expertise in financing rather than in farming per se. However, Rangitata farms may already have as much expertise as the land can take. A Stuff article (24/4/18) about a prize-winning farming couple on a Rangitata-owned dairy farm says Rangitata Dairies has nine farms as well as support land and owns all its own cows, employing contract milkers and managers, as well as a support team of farm supervisor, business manager and agronomist.

This farm featured, on the river near Temuka, was fully irrigated, mainly from wells and imports 10-20% of feed to extend lactation, but experienced extreme heat in the 2017-18 summer. During the usual dry period in November and December there are restrictions on water from the Rangitata South scheme.

Ministers Give US Redwood Co A Rubber Stamp

The Minister for Land Information and the Associate Minister of Finance have granted a standing consent under Schedule 4(3) of the Act to The NZ Redwood Company (Soper Company, USA 100%).

The Ministers state that NZ Redwood Co is the largest grower of redwood trees in NZ and supplies redwood planting stock to other NZ redwood growers. Its long-term business plan is to plant approximately 100 ha. of redwoods per year in the Taumarunui area over 35 years.

This standing consent is granted under the special forestry test in s.16A(4) of the Act. It will permit the NZ Redwood Co. to acquire up to 4,000 ha. of yet to be identified sensitive land in the Manawatu-Wanganui area, and a maximum of ten transactions by 31 October 2023. This standing consent will act as a form of pre-approval whereby NZ Redwood Co. must notify the OIO each time it settles a transaction.

This summary at least makes clear that the OIO needs to be kept informed about use of the rubber stamp – afterwards. As these will involve new redwood plantings, they will be conversions of farm land. Soper-Wheeler Co. LLC (established 1902) grows fir, pine, cedar and redwood in Sierra and North Coast California. In 2001 they started planting redwood in NZ where it has not been a commercial species although it grows quickly here.

Redwood’s colour makes it attractive for interior and decorative use, it has low rates of shrinkage and warping, and its resistance to decay and insect attack mean it can be used outdoors (above ground) without chemical treatment. Supply from the western US does not meet current demand (www.nzredwood.co.nz).

NZ Forest Industries Buys More Forestry Land At Port Underwood, Blenheim

NZ Forest Industries Ltd (UK 100%) has consent to acquire 419.7007 ha. at Port Underwood Road, Blenheim fromZindia Timber Assets Ltd (NZ 100%). Price withheld under s.9(2)(b)(ii) of the Official Information Act. The OIO states that NZ Forest Industries has applied under the special test for forestry activities in s.16A(4) of the Act. It intends to use the land as a commercial forest.

The land currently has 178 hectares of forest which the Applicant intends to increase by 22 hectares planting some unproductive areas of land. The remainder of the land includes a 118.6 ha. conservation covenant recorded on the title, approximately 89.6 ha. of non-productive areas and 11.5 hectares of road and skid. NZ Forest Industries intends to harvest the existing crop of trees and replant following harvest.

As noted with last month’s acquisition of 170 ha of forests on the West Coast, plus two in Marlborough in July, the ultimate beneficiary is Issoria Offshore Ltd, registered in the British Virgin Islands tax haven and secrecy regime. Such a rush now that Jacinda has assured everyone there’ll be no capital gains tax. Zindia describes itself as a sustainable, vertically integrated timber company, targeting $1 billion in annual sales. Established 20+ years ago to export logs to India, it now also exports logs, lumber and engineered wood products to China, Korea and the Middle East. It partners with the Adani Group, an Indian transnational trading conglomerate.

Kauri Forestry/Craigmore Buys Land For Forest Conversion In Northland

Kauri Forestry LP (Switzerland 93%; Germany 7%) has consent to acquire 488.5360 ha. at 481 Moore Road, Pipiwai, Northland, from Alexander James Moore, Sharyn Kaye Moore and YHPJ Trustees (2018) Ltd (as trustees of the Wairere Trust) (NZ 100%). Price withheld under s.9(2)(b)(ii) of the Official Information Act. The OIO states that Kauri Forestry has applied under the special test for forestry activities in s.16A(4) of the Act. The land is currently approximately 285 ha. used for farming operation, an existing forest of 154 ha., and the remaining 47 ha. in non-productive native bush including riparian planting. Kauri intends to plant 235 ha. in pinus radiata and retain the existing forestry and native bush.

The OIO states that this 309.61 hectares is part of 375.9 ha. which is being subdivided by the vendor. Approximately 249 ha. are currently used for farming. Kauri Forestry intends to plant 223 ha. and retain 42 ha. in native bush. The balance of 44 ha. is not suitable for forestry (ridges, gullies and setbacks, roading and tracks, and non-productive scrub areas).

Approximately 50 ha. are not suitable for planting (steep ridges, gullies, roading and tracks, and non-productive scrub areas). The land contains a dwelling, seven farm buildings and a shearers’ quarters. Kauri does not intend to use any of these buildings for residential purposes and may choose to dismantle structures or subdivide off these portions in the future. The OIO was satisfied the Investment met the requirements of the special forestry test. Kauri Forestry is Craigmore plus Swiss/German money. See last month for its consents for a forestry conversion of farmland near Whangarei, another Northland forest in June 2019 and one in the Wairarapa in July 2019.

Swiss Investors Corisol Convert Farmland Into Forestry

Corisol NZ Ltd (Switzerland 100%) has consent to acquire approximately 522.167 ha. at 968 Wallaces Ford Road, Hindon, Otago, from Deep Stream Farms Ltd (NZ 100%). Price withheld under s.9(2)(b)(ii) of the Official Information Act. The OIO states that this consent was granted under the special test for forestry activities in s.16A(4) of the Act. Corisol NZ is a subsidiary of a family-owned Swiss company.

It has previously invested in NZ and overseen forestry investments here since 2011. Corisol plans to develop this land into a commercial forest. It is currently used primarily for sheep farming, with some small areas in forest. It plans to plant by winter 2021, and replant after harvest as part of normal commercial forestry operations. The investment aligns with Corisol’s broader plans to create an appropriately scaled forestry business.

Corisol is a Swiss investment company. Its Website says Corisol Holding AG, including its subsidiaries KWE Beteiligungen AG, Swiss Small Cap Invest AG and VBF Holding AG, is a family office based in Zug, founded in 1974. It invests in small and mid-sized companies as listed on its Website, and in real estate through its part-owned subsidiary Moserbau Immobilien AG. It also holds “over 18,000 hectares of forest land through its subsidiary Corisol NZ, which makes Corisol one of the biggest forestland owners in NZ”. That is, by “appropriately scaled” they mean big. It already features at No.15 on RNZ’s list of top 50 land owners with 18,231 ha.

Ministers Sign Off On Regenal’s Full Ownership Of Belvino/Oyster Bay Vineyards

The Minister for Land Information and the Associate Minister of Finance have granted consent to Regenal Investments Pty Ltd(Hong Kong 99.9%; various overseas persons 0.01%) to acquire a further 27.7% of Belvino Investments Trust and Belvino Investments Pty Ltd which has approximately 703.42 ha. at 1301 and 1370 Matapiro Road, Crownthorpe, Hawkes Bay, 1824 Redwood Pass Road, Lower Dashwood, Marlborough and 58 Flaxmill Drive, Rarangi, Marlborough, from LANV Pty Ltd (Challenger Ltd, Australia 100%) for $15,340,000.

The OIO states that Regenal is the current majority owner of Belvino Investments Trust and its trustee Belvino Investments Pty Ltd, which have three vineyards in NZ: Crownthorpe in Hawkes Bay and Dashwood and Rarangi vineyards in Marlborough, which are leased to Delegats, a NZ winemaker of Oyster Bay wines. The transaction will result in Regenal increasing its majority interest to 100% ownership. It is intended to ensure business continuity and it is not intended to change the control or use of the land.

Regenal has made beneficial investment in the vineyards since it acquired ownership interest in 2011. Regenal considers it will be better able to make enhanced capital investment in future without a potentially unwilling minority owner. This is part of a trans-Tasman transaction involving ownership and management of vineyards in Australia and NZ.

The NZ part of the deal is smaller, but cannot be split off from it. Regenal has agreed to invest at least $250,000 in NZ Transport Authority flood mitigation at the Dashwood vineyard, if required. In January 2011 Regenal Investments Pty (majority owned by four Hong Kong companies) got consent to take a 73% share of Challenger Wine Trust and its four vineyards for $42,252,673. einsberg will subdivide and sell approximately 22.46 ha. which contain two dwellings not required for forestry activities.

Belvino Investments’ Website says it is an agricultural investment business that invests in vineyards across major wine regions of Australia and New Zealand. The portfolio covers approximately 4,600 hectares (3,700 planted) across Australia and 1,500 hectares (1,100 planted) in the North and South Islands of New Zealand. Belvino Investments is majority owned by CK Life Sciences Int’l (Holdings) Inc. part of the Hong Kong CK Hutchison Group, with the minority share held by Challenger Life Co. Ltd, Australia, as stated above.

Hang on, isn’t CK Hutchison the ultimate owner of EnviroWaste? As noted last month, CK Hutchison, registered in the Caymans, is a 2015 merger between Cheung Kong Holdings (billionaire Li Ka-shing) and its associate company Hutchison Whampoa. Regenal Investments Pty, an Australian registered company, has acted as a nominee for CK Life Sciences in Australia in getting vineyards valued. So, it appears to be the same Hong Kong people reshuffled on a “regenal” basis. I think.

Livingbridge Private Equity Fund Now Fully Owns Habit Occupational Health Services

Livingbridge 6 Global LP LP (US Public 44%; Luxembourg 10%; Ireland 8.6%; UK 8.5%; Germany 7.9%, Netherlands 7.8%; Norway 6.3%) has consent to acquire significant business assets, by increasing its 71.68% shareholding in Habit Group Holdings Ltd to up to 100%; and by Oluwole Kolade increasing his existing membership interest in Livingbridge EP LLP (and therefore his control interest in Habit Group Holdings) to up to 100%. The vendors are other shareholders of Habit Group Holdings Ltd (NZ Public 100%) and Members of Livingbridge EP LLP (UK Public 100%). Price withheld under s.9(2)(b)(ii) of the Official Information Act.

The OIO states that Livingbridge 6 Global Limited Partnership is a subsidiary of Livingbridge, a mid-market private equity firm based in the UK, the USA and Australia. Livingbridge has invested in healthcare, education, services, consumer and technology sectors for over 20 years. Oluwole Kolade is a managing partner at Livingbridge. Habit Group was founded in 2002 and is New Zealand’s largest provider of rehabilitation, occupational health and fitness services. The applicant 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.

Neil To Develop Residential Housing In Flatbush, Auckland

Universal Homes Ltd Ltd (China 100%) has consent to acquire approximately 1.2298 ha. being Superlot BB15 of the Buckley B Precinct, Hobsonville Point, from AVJ Hobsonville Pty Ltd (Singapore 53%; Australia 47%) for $14,990,283. The OIO states that Universal Homes is an NZ property development company in the market since 1959.

Development of this land is part of the Hobsonville Development project on former defence land. There are currently no dwellings on the land. Universal Homes proposes to construct up to 76 new residential dwellings. The OIO considers this is likely to meet the outcomes of increasing residential housing, on-selling by 31 May 2023; and non-occupation by non-resident owners.

NZ-registered Universal Homes’ ultimate owner is China Merchants Group, Beijing, a Chinese State-owned conglomerate – see April 2014. See Universal Homes’ consents for land in March and July 1996, April and October 1997, June and November 1999, June and September, October 2002, May 2003, February and June 2004, December 2017, January and September 2019.

Summerset Retirement Villages For Rangiora And In Cambridge

Summerset Holdings Ltd (NZ Public 77.6%; US Public 9.8%; various overseas persons 12.7%) has consent to acquire approximately 14 ha. at 141 South Belt and 104 Townsend Road, Rangiora from Murray Allan Clarke, Janine Louise Clarke, Lesa May Clarke and Williams & McKenzie Trustees Ltd (NZ 100%). Price withheld under s.9(2)(b)(ii) of the Official Information Act.

Summerset Holdings Ltd (NZ Public 77.6%; US Public 9.8%; various overseas 12.7%) has consent to acquire approximately 9.6 ha. at Norfolk Drive and Laurent Road, Cambridge, from James Daniel Bourke & Landon Park Ltd (NZ 100%), Lu Trustee Ltd & Ho No.2 Trustees Ltd (Hong Kong 50%, NZ 50%), SD Holdings 2016 Ltd (NZ 100%). Price withheld under s.9(2)(b)(ii) of the Official Information Act.

In both consent summaries, the OIO states that Summerset is NZX-listed and has 77.56% New Zealand ownership. It has operated retirement villages in New Zealand since 1997, with 27 villages completed or under development. They offer a range care including independent living, assisted living, rest home care, hospital care and dementia care. Summerset intends to develop a comprehensive care retirement village on each of these sites comprising approximately 321 units in Rangiora and 290 units in Cambridge, with 43 care beds in each. Once construction is complete, approximately 30-40 full time jobs will be created in each village to provide services to residents.

Summerset began in 1994 with two small hospitals then began opening retirement villages offering care at the rate of one a year. A decade later it was sold to AMP Capital Investors for $125m (see April 2006), then taken over by Australian-based Quadrant private equity funds (see May 2009 and April 2010). In 2011 it was listed on the NZX, included in the NZS TOP 50 with a market capitalisation of nearly $NZ 1.8 billion ( Wikipedia, NZX). Its Website lists 28 villages completed or under construction. See May 2007, August and December 2009, September 2011, May 2012 and May 2013 for other OIO consents to buy land.

Ministers Declined Consent For Queenstown Development

The Minister for Land Information and the Associate Minister of Finance declined consent for Wilkes Right Break Pty Ltd (Paul Michael O’Dea, Australia 100%) to acquire 56.6 ha. at Wynyard Crescent, Fernhill, Queenstown, from Passion Development Ltd Ltd (Min Yang, NZ 83%; Zhi Liu, NZ 17%) for $4 million.

Wilkes Right Break’s development plans include construction of mountain biking and walking trails, residential lots and visitor accommodation. The Ministers were not satisfied that the development of the residential lots and visitor accommodation was likely to proceed as it was contingent on feasibility studies and there were concerns about ability to fund the development. Therefore, they were not satisfied that sufficient benefit to NZ was likely to occur.

This property is a large slice of densely-forested hill high above Queenstown’s Fernhill. Passion Development bought it two years ago for $1,700,800, but its’ plans for a massive housing complex met opposition from locals (ODT, 5/10/17). There’s a Council-owned biking/walking loop track around the Fernhill ridge, accessed from Wynyard Crescent.

French Government To Buy Up Howick & Eastern Buses And Lease Bus Depot

Transdev NZ Ltd (Caisse des dépôts et consignations, France 66%; Georg Rethmann, Germany 8.5%; Ludger Rethmann, Germany 8.5%; Klemens Rethmann, Germany 8.5%; Martin Rethmann, Germany 8.5%) has consent to acquire 100% of the shares in InMotion Group Ltd which holds a leasehold interest in 1.5921 ha. at 380 Ti Rakau Drive, East Tamaki, from Souter H&E Limited, William Rae and Treena Martin (UK Public 99.1%; NZ Public 0.87%). Price withheld under s.9(2)(b)(ii) of the Official Information Act.

Transdev NZ is an NZ subsidiary of Transdev Group SA, a global provider of public transport services. InMotion Group is the parent company of Howick and Eastern Buses Ltd, which operates bus services under contract with Auckland Transport. Howick and Eastern Buses has a leasehold interest through a subsidiary in a bus depot in East Tamaki, which constitutes sensitive land under the Act.

Transdev intends to continue to operate the bus depot, with its tenure under the lease subject to continued service contracts with Auckland Transport. Transdev’s investment plan includes spending $400,000 per year over a five-year period on development initiatives for its employees and digitising the existing systems used by Howick and Eastern Buses

Transdev, formerly Veolia Transdev, is a French-based international private public transport operator, with operations in 20 countries as of March 2019. It operates Auckland passenger rail services. Its majority owner is the Caisse des dépôts et Consignations, a French public sector financial institution under the control of Parliament, often described as the investment arm of the French State (Wikipedia).

AMP Finance Services Changes Hands

Resolution Life Australia Pty Ltd (Australian Public 30.8%; Japanese Public 15.9%; US Public 15.9%; UK Public 12%; Cayman Islands Public 8.1%; various overseas 17.2%) has consent to acquire 100% of issued shares in AMP Financial Services Holdings Ltd from AMP Holdings Ltd (Australian Public 61.6%; US Public 17.9%; Asian Public 6%; various overseas 14.5%) for $3 billion.

The OIO states that Resolution Life Australia intends to acquire the mature business (mature portfolio of products comprising annuities and capital guaranteed and market products) and current life insurance product portfolio from the AMP group in New Zealand and Australia. The AMP group is a wealth protection, investment management and wealth management company with operations in Australia and New Zealand.

The Resolution group is a global life insurance specialist with operations in the United Kingdom, Bermuda and the United States. Resolution Life 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.

In 2018, AMP dropped more than $A1 billion on the ASX after the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry revealed that AMP charged clients for financial advice which was not provided, and misled the Australian Securities & Investments Commission on numerous occasions. Chief Executive Officer Craig Meller resigned as CEO and as a financial services adviser to the then Turnbull government (Wikipedia).

On 2/10/18 AMP announced it was selling its NZ and Australian life insurance businesses for $A3.3 billion to Resolution Life, a company that It also intended to divest from its New Zealand wealth management (including KiwiSaver) and advice businesses via an initial public offering on the NZX .The deal with Resolution Life finally went ahead in November 2019 for $A2.5bn in cash and a 20% stake in Resolution Life Australia, after Resolution had raised the funds from financial institutions, insurance companies, pension plans, sovereign wealth funds and others, with some joining the board.

Resolution, with a holding company in Bermuda and a services company in London, specialises in buying insurers undergoing restructures. Its Website describes its purpose as helping global insurance groups “to pursue growth and innovate new products by allowing them to release capital and remove cost stranded in their legacy insurance products”. Translate that and it sounds like global financial crisis 2008: bundle them up and sell them on, taking the risk off your books.

Kelly Tarlton’s Aquarium Part Of Offshore Motion Deal

Motion Acquisition Ltd (Malaysia 82.4%; various 15.6%; Singapore 2%) has consent to acquire 100% of the shares in Gough Group Ltd (KIRKBI A/S, Denmark 50%; Blackstone Core Equity Partners, USA 31.3%; Canadian Pension Plan Investment Board, Canada 18.8%) has consent to acquire 100% of the shares in Merlin Entertainments plc, which indirectly owns or controls a leasehold interest in 0.9520 ha. at 23 Tamaki Drive, Orakei, from the shareholders of Merlin Entertainments plc (KIRKBI A/S 29.6%; Valueact Capital Master Fund, USA 12.3%; US Public 10%; Wellcome Trust Ltd, USA 5.4%; Merlin Entertainments Group Share Plan Nominee Ltd, UK 1.9%; various overseas 40.7%) for $23 million.

The OIO states that Motion Acquisition is acquiring Merlin in a transaction entirely upstream of the NZ assets, which are less than 1% of the total transaction. Motion Acquisition has committed to introducing investment capital into New Zealand to develop a new exhibit at Kelly Tarlton’s which is expected to create at least one job and produce additional export receipts. Motion Acquisition is a consortium created for the purposes of completing this transaction.

Merlin Entertainments is a UK-headquartered, global family entertainment company operating over 130 attractions, 20 hotels and six holiday villages in 25 countries. Merlin indirectly owns Auckland Aquariums Ltd which leases land in Auckland to operate Kelly Tarlton’s Sea Life Aquarium. Motion Acquisition 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.

KIRKBI is Lego, or these days its 75% owner, plus investments in real estate and renewables. KIRKBI is the Danish “Kirk Kristiansen family’s private holding and investment company founded to promote a sustainable future for the family ownership of the LEGO brand through generations”. Blackstone is one of the largest investment firms in the world, specialising in private equity, credit, and hedge funds.

And the Canadian Pensioners will be familiar as those people who keep buying bits of NZ real estate and farming. See February 2011 for consent for Merlin (at that date, 30% owned in the Cayman Islands) to buy Kelly Tarlton’s from its then mainly Australian owner Roadshow Holdings, a cinema operator, and in July 2008 from its previous owner Tourism Holdings Ltd (helicopters, planes, jetboats, campervans, etc.).

Danish PGG Wrightson Seeds Leases Canterbury Land

PGG Wrightson Seeds Ltd (DLF AmbA, Denmark 95.1%; DLG AmbA, Denmark 4.85%; Danish Public 0.05%) has consent to acquire a leasehold interest in 68.3843 ha. at 388 Bennetts Road, Cust, Canterbury, from Kenneth Brian Judson and Ailsa Mary Judson (NZ 100%) for $81,600 per year. PGG Wrightson Seeds is a wholly owned subsidiary of PGG Wrightson Seeds Holdings Limited, which is now owned by DLF Seeds A/S, a company incorporated in Denmark. It is a seed research, development, supply and support company. It is using the land as a research and development site to operate its seeds business.

PGG Wrightson Seeds tests new seed varieties and hosts field days to showcase these products. The land is near its Kimihia Research Centre. The Applicant entered into the lease without first obtaining consent under the Act. It satisfied the OIO that the breach was inadvertent as it did not realise it required consent for the initial three-year term and the matter was brought to the OIO’s attention when it applied for consent to extend the term of its lease. See April 2019 for the sale of PGG Wrightson Seeds to DLF Seeds, Denmark, with more on PPG Wrightson Seeds ownership history.

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