Fletcher Gets Green Light To Sell Christchurch Apartments to Overseas Buyers
Fletcher Residential Ltd has been granted an Exemption Certificate under Schedule 3, Clause 4 (5) of the Overseas Investment Act 2005, allowing it to sell apartments off the plans to overseas buyers without requiring standard OIO consent. The certificate applies to a large Christchurch apartment development and includes conditions to limit foreign speculation, such as capping overseas sales at 60% prior to completion and prohibiting foreign occupancy unless separate consent is obtained. Sales must occur in buildings with at least 20 units and only before a code compliance certificate is issued. The exemption, while ostensibly controlled, relies heavily on developer self-reporting and post-sale monitoring.
Fletcher is required to maintain records of overseas purchasers and report to LINZ (Land Information NZ) under specific conditions. Should any buyer breach the occupancy rules, a disposal process involving independent valuation and public sale is mandated. While such exemptions aim to facilitate development, they highlight ongoing concerns about enforcement, transparency, and the role of foreign capital in the housing market. Fletcher Residential has appeared in prior OIO decisions. Though the policy aims to address housing supply, it raises questions about affordability and who truly benefits from increased foreign investment in residential property. Similar exemptions have also been issued to developers such as Winton and Willis Bond (see also August 2020 decisions).
Fifth Land Deal For Universal Homes Under Fast-Tracked Foreign Developer Consent
Universal Homes (The People’s Republic of China 100%), wholly owned by the Chinese government, has acquired three adjoining properties in Owairaka, Auckland, from Kāinga Ora for $2.08 million. The land, covering approximately 0.19 hectares, will be developed into 11 terraced dwellings, with construction to begin in 2025 and sales in 2026. The deal is the fifth of 27 allowed under a standing consent granted by the OIO in April 2020. The standing consent removes the need for case-by-case approval, provided the land is used for residential development and homes are sold after construction.
Although intended to boost housing supply, the fast-track model has been criticised for its lack of public transparency, especially when the developer is a foreign State-owned entity. Kāinga Ora has sold land to Universal Homes in several prior transactions across Auckland, raising concerns over housing sovereignty and public asset management. The case highlights New Zealand’s increasing reliance on foreign developers to meet domestic housing goals, raising broader questions about long-term affordability, ownership patterns, and the social implications of foreign control over public land. Public land should serve public good — not offshore portfolios. CAFCA has previously commented on similar transactions, including the first in July 2020 (covering sites in Mt Roskill and West Auckland), a December 2021 purchase in Northcote, and a March 2023 notification for land in Papakura.
Forestry Conversion By Singaporean Investor
JD Droxford Ltd (Singapore 100%), wholly owned by Singaporean investor Mr. Jaleel, has received OIO consent to acquire 481 hectares of land in Central Hawke’s Bay for $5.2 million. Said vendors was trustees of the Droxford Trust (New Zealand 100%). The land, currently used for sheep and beef grazing, will be converted into a commercial pine and redwood plantation. Approximately 417 hectares will be planted starting in winter 2025. While the majority of the property is classified as LUC 6, 62 hectares are LUC 3, representing more versatile and productive land.
The OIO granted consent under the Benefit to New Zealand test, citing export growth, job creation, carbon sequestration, and improved land productivity. However, the transaction reflects ongoing concerns about productive farmland being redirected to carbon-focused forestry, especially by first-time foreign investors. While regulatory tests were met, the case illustrates the broader shift toward afforestation by overseas interests, raising questions about rural depopulation, agricultural resilience, and the adequacy of current oversight frameworks.
This case joins numerous others where overseas individuals or entities have acquired farmland for forestry purposes, especially since regulatory pathways were loosened in 2018 and then retightened in 2022 under growing scrutiny. CAFCA has previously reported on a wave of similar forestry deals, including: August 2020: Malaysian investor conversion in Northland, March 2022: US-based syndicate purchases 1,200ha in Wairarapa for carbon farming, and July 2023: Chinese-owned company buys Gisborne hill country for pine plantation.
BlackRock Acquisition Of HPS Entities
BlackRock Saturn Subco (United States of America 64%, Middle East Region 19%, Asia Pacific Region 6%, Various 11%) Limited Liability Company, a US-based entity, has received OIO consent to acquire HPS Partners Investment Holdings, LLC and HPS Group Adviser Holdings, Limited Partnership (United States of America 98%, Cayman Islands 2%) for $120.4 million. The deal affects control of Ando Insurance Group Ltd, a New Zealand-based company. This transaction, approved under the Significant Business Assets test, does not involve land but grants BlackRock a stronger position in the local insurance market.
As the world’s largest asset manager, BlackRock continues to expand its global influence, including in New Zealand’s financial services sector. While the investor test was satisfied, the growing control of core financial infrastructure by large overseas asset managers raises concerns about local accountability, regulatory oversight, and service stability. The transaction is part of a broader trend of global private equity firms gaining control over critical New Zealand industries.
This approval further underscores the trend of large-scale corporate acquisitions by foreign investors in New Zealand. Notable examples of such acquisitions include: December 2019: Blackstone was granted consent to acquire Burger King NZ through Antares Restaurant Group. April 2022: Partners Group, a Swiss-based investment firm, acquired Lodestone Energy, a New Zealand solar infrastructure company and August 2023: An OIO consent was granted to a NYSE- listed asset manager investing in New Zealand-based tech firms.
Swiss-German Forestry Investment In Central Hawke’s Bay
Kauri Forestry LP, Swiss (69%) and German (31%) investors through the Craigmore Sustainables Group, has received consent to acquire 804.78 hectares of farmland in Omakere, Central Hawke’s Bay, for $8.6 million. Approximately 525 hectares will be converted into pine forestry starting in winter 2025. Notably, the land includes five hectares of LUC 3 and 57 hectares of LUC 4 soil—both of which are better suited to productive pasture or mixed agriculture. Said vendor was AJ and MA Smith Family Trust (New Zealand 100%).
The deal was approved under the Farm to Forestry pathway, with cited benefits including capital investment, job creation, and timber export revenue. However, the conversion of higher-quality farmland to monoculture forestry raises long-standing concerns about land use change, rural job loss, and foreign control of rural assets. This transaction fits a broader pattern of overseas entities converting pastoral land into carbon forestry, reflecting economic priorities that may not align with community needs or long-term sustainability. The Craigmore Group has featured multiple times in previous OIO decisions, including: February 2019: Craigmore Forestry Fund acquiring over 3,000 hectares in the lower South Island, and August 2021: Consent granted to expand horticultural operations in Canterbury.
IKEA Franchisee Acquires Stratford Farm For Forestry
Ingka Investments Forest Assets NZ Limited and Ingka Investments Management NZ Limited
(Netherlands 100%), the investment arm of the IKEA franchisee, has received consent to purchase 783 hectares of farmland in Stratford, Taranaki. Said vendor was Allan James Clothier (New Zealand 100%). The land was previously used for beef and calf rearing, with 302 hectares to be converted into Pinus radiata and redwoods. Planting is set to begin in winter 2026.
Approved under the Farm to Forestry pathway, the OIO cited benefits including job creation, capital investment, timber exports, and climate gains through carbon sequestration. However, the use of higher-quality soils and the withholding of the purchase price under commercial sensitivity reflect growing concerns about transparency and foreign ownership. Ingka has previously acquired over 1,700 hectares across the North Island since 2023, reinforcing its position in New Zealand’s carbon forestry market.
This case illustrates the growing influence of global corporate actors in transforming New Zealand’s agricultural landscape under climate and investment frameworks. This case follows a series of farm-to-forestry conversions that have been approved in recent OIO decisions, such as: March 2025: Kauri Forestry LP (Switzerland/Germany) – 804 hectares in Central Hawke’s Bay, March 2025: JD Droxford Limited (Singapore) – 481 hectares in Waipukurau and February 2024: GreenAcres Carbon NZ Ltd (UK/France) – 920 hectares in Gisborne region. Ingka has now appeared in at least three separate consents since 2023 and continues to expand its presence in the New Zealand forestry sector, bolstering its global carbon portfolio while removing farmland from local use.
Global Private Equity Takes Over Vehicle Leasing Giant SG Fleet
Westmann Bidco Pty Ltd (Canada 19%, United States of America 16%, Singapore 13%, United Arab Emirates 11%, Hong Kong 10, Malaysia 5%, Various 26%), backed by Australian private equity firm Pacific Equity Partners (PEP), has been granted OIO consent to acquire 100% of SG Fleet Group Ltd (South África 54%, Various 46%), a transnational vehicle leasing company. Valued at A$1.3 billion (NZ$185 million), the acquisition triggered a National Interest Assessment due to foreign Government-linked investors.
The Minister of Finance approved the deal, finding no national interest concerns. SG Fleet services public and private fleets in New Zealand, yet the sale to globally distributed investors raise governance and transparency questions. The decision reflects a pattern of strategic service sector control shifting to foreign private equity. Though day-to-day services may remain, decision-making is increasingly offshore.
This inaction mirrors previous cases where the National Interest Test was applied with little consequence, such as: 2023: Canadian pension funds acquiring Infratil’s data centres and 2021: Swedish State-owned Vattenfall entering New Zealand& wind energy market. This acquisition fits a consistent pattern of foreign private equity entering strategic service sectors. Notable examples of similar trends include: July 2024: Brookfield Infrastructure (Canada) acquiring a New Zealand bus company, December 2023: Sale of Mainfreight shares to global fund managers and 2022-2025: Repeated asset acquisitions in insurance and vehicle leasing by BlackRock, Pacific Equity, and other global firms.
Chinese Private Equity Buys Egmont Honey
New Zealand Nutrifoods Investment Group Limited (People’s Republic of China 90%, New Zealand 10%) has received OIO consent to acquire Egmont Honey Holdings Ltd, a Taranaki-based Manuka honey exporter. The purchase price is withheld. The vendor was a partnership between Société des Produits Nestlé SA (Switzerland 50%, United States of America 32%, Various 13%, Germany 5%) and James Toby Annabell & Young + Carrington Trustees (2016) Limited as trustees of the JT Holdings Trust (New Zealand 100%). This is part of a wider trend of global firms divesting NZ food brands to private equity or State-linked buyers.
Though the deal passed a National Interest Assessment, concerns remain about the erosion of domestic control over branding and intellectual property. Egmont Honey will continue operating locally, but profits and strategic control now lie offshore. This follows similar cases with Comvita, Synlait, and Griffin’s. With no conditions on job retention or brand protection, the sale highlights gaps in how “national interest” is assessed. This deal continues a long-running trend of iconic New Zealand food brands being sold offshore, often through private equity. CAFCA has warned this undermines national control over our export economy and turns local products into global commodities.
This follows a familiar pattern of approvals, including: March 2024: China Forestry Group’s expansion in Otago, and November 2023: No objection to UAE-linked pension fund acquiring healthcare facilities. Other notable instances of foreign investment in New Zealand’s agri-food sector include: August 2021: OIO consent for Hong Kong interests in New Zealand Dairy Company, March 2023: Chinese investment in kiwifruit post-harvest infrastructure, and 2020 onwards: Series of approvals for Apiculture NZ entities sold to overseas funders. If you’re wondering where the profits go, just follow the bees — they don’t sting, they invest.
Hong Kong, China, And US Investors Greenlight Solar Farm In Waikato
Concord Green Power Ltd (Hong Kong 45%, China 17%, United States 8%, Norway 4%, Various 26%), owned by Singapore-listed Concord New Energy Group, has received OIO consent to acquire up to 75% of Concord Bay Ltd, which includes 15.8 hectares in Tatuanui, Waikato. The $810,000 deal was approved under the Sensitive Land – Farm Land Benefit Test. Said vendor was Harbour Infrastructure Limited (New Zealand 90.91%, Australia 9.09%).
The solar farm will contribute to New Zealand’s clean energy transition, with capital investment, job creation, and climate alignment cited as benefits. However, the involvement of investors from Hong Kong, China, and the US has raised concerns about long-term control over energy infrastructure. The deal fits a growing pattern of international investment in renewables that may help meet emissions targets but poses questions about sovereignty and strategic governance. Related Cases: November 2023: Solar farm investment in Waipukurau by an overseas renewable energy developer, June 2022: Overseas venture capital funding for wind farm developments in Southland, and 2021: Chinese-backed investment in geothermal energy assets in Taupo.
Private Equity Consortium Takes Control Of ESR Group
MEGA BidCo (United States 19%, Luxembourg 9%, Hong Kong 9%, Other Asia 9%, Qatar 7%, United Arab Emirates 6%, South Korea 5%, Various 36%), an international private equity consortium, has received OIO consent to acquire up to 100% of ESR Group Ltd (Asia-Pacific 45%, North America 41%, Europe 9%,Various 5%). The acquisition includes industrial land in Otahuhu, Auckland. While the NZ component is small, the transaction triggered scrutiny under the Sensitive Land – Benefit Test.
The Minister found no national interest concerns. The deal enhances NZ’s appeal to global investors but also demonstrates how foreign financial entities are increasingly dominating commercial property. With no enforceable conditions on local oversight or long-term land control, this highlights the erosion of economic sovereignty and public accountability. Related cases: October 2023: Acquisition of Auckland industrial land by an international private equity firm, July 2022: Singaporean investment consortium in New Zealand real estate and February 2021: Hong Kong-backed investment in Auckland commercial property.
Canadian Firm Takes Control Of Serato Audio Research
Tiny Ltd Canada 81% (United States of America 4%, Various 15%) , has been granted OIO consent to acquire up to 75% of Serato Audio Research Ltd (New Zealand 99.6%, Australia 0.4%), a New Zealand tech company known for DJ software. The $113 million deal allows Tiny Ltd to become the majority owner, with local stakeholders retaining minority control. While employment and capital investment were cited as benefits, no conditions were imposed to keep research and development or brand identity in New Zealand.
This continues a pattern of successful local tech firms being sold offshore, with profits, intellectual property, and control leaving New Zealand. Related cases include foreign takeovers in software, pharmaceuticals, and infrastructure. The sale underscores the vulnerability of high-value digital firms under the current investment regime. See also: July 2023: Foreign investment funds acquire AFT Pharmaceuticals, September 2022: US tech firm expands via NZ software acquisition, and January 2021: Canadian investors gain control over NZ digital infrastructure.
US Private Equity Firm Acquires Craigs Investment Partners
Crown HoldCo Ltd (New Zealand 50%, United States 28%, Various 22%), owned by global firm TA Associates, has received OIO consent to acquire 100% of CIP Holdings Ltd (New Zealand 100%), parent to Craigs Investment Partners. TA Associates now holds effective control with a 50% share, exceeding the 24.9% foreign control threshold. Approved under the investor test, the deal has no conditions to protect services, employment, or local oversight.
Craigs manages significant New Zealand savings, and the sale increases concerns about foreign control over wealth management. The lack of safeguards reflects a broader trend of private equity targeting critical sectors like finance, health, and housing, often with limited public benefit and oversight. See also: October 2023: Acquisition of New Zealand Financial Advisors by overseas private equity firms, March 2022: Foreign investment in NZ wealth management firms, and June 2021: Global private equity firm expands into New Zealand’s financial services sector.