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Overseas Investment Office approves 27 applications in Dec

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Fuseworks Media
Fuseworks Media

The Overseas Investment Office approved 27 investments in December with a net investment value, or total dollar value invested in New Zealand, of $445.89 million.

This took total of approvals for 2010 to 123, which was down from the 158 in 2009.

The three largest approvals that can be disclosed included multinational Bayer AG's proposed acquisition of up to 100 percent of the shares of Bomac Industries and Bomac Research, which had a net investment value of $140m.

Another large deal was, because it is managed by an Australian company, Kiwi Income Property Trust's acquisition of the LynnMall Shopping Centre in Auckland, with a net investment value of $130m.

Also approved was Australian company Bathurst Resources's proposed acquisition of up to 100 percent of the shares of L&M Coal, with a net investment of $55.14m.

In terms of net freehold land area, the largest transactions in 2010 included US company Cabo's proposed acquisition of 2269ha of freehold land situated at Wyuna Station, Glenorchy, in Central Otago.

Also approved were Harvard University's Dairy Farms Partnership's proposed acquisition of 1760ha of freehold land at Patearoa, Ranfurly, in Central Otago, and Singaporean company Ding Furu's proposed acquisition of 1921ha of freehold land near Puhoi.

The office recommended to ministers that an application by Hong Kong-backed Natural Dairy (NZ) Holdings to acquire the Crafar farms be declined and the ministers concurred.

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