Mainland Poultry has been granted Overseas Investment Office approval to buy 126ha of land near Ranfurly to establish another free-range egg farm.
Decision summaries for February released yesterday by Toitū Te Whenua Land Information New Zealand showed Mainland Poultry — which is ultimately owned by global private equity firm Navis Capital Partners — acquired the freehold interest in the land at Barneys Lane and Creamery Rd for $1.52 million.
The land, which is currently used for breeding ewes and producing wool, was sold by Kieran David O’Neill, Paul Stafford O’Neill and Richard James Farquhar, as trustees of the Springfield Trust.
The decision said the key benefits that would likely result from the investment were economic in the form of additional capital investment and the creation of employment.
Meanwhile, another farm in the Clutha district has been snapped up by companies associated with Ingka Group, the largest franchisee of Ikea stores internationally, which has been buying up farms for forestry conversions.
Ingka Investments Forest Assets NZ Ltd and Ingka Investments Management NZ Ltd will acquire a freehold interest in about 812ha of land, known as Skyeburn Farm, in the Owaka Valley.
The price was withheld.
About 643ha of the land, being sold by Sellars Farming Ltd, is currently used as a sheep and beef breeding and finishing property.
The applicants would convert about 657ha into a commercial plantation forest, predominantly planted with Pinus radiata.
Planting is scheduled to start this winter.
The property consisted mainly of Land Use Capability (LUC) 6 (about 518ha), with areas of LUC 3 (about 58ha) and LUC 5 (about 235ha).
The main benefits to New Zealand were assessed as being increased expenditure and export receipts.
Other benefits were likely to include increased jobs and climate change benefits, the decision said.
