Overseas Investment Office – February 2026 Decisions

Australian-Owned Retirement Village Developer Expands Canterbury Land Holdings

Lincoln Grange Limited (Australia 76%, Singapore 18%, Various 6%) has been granted consent to acquire approximately 8.3 hectares of land at Earlsbrook, 1491 Springs Road, Lincoln, Canterbury. The purchase price has been withheld under the Official Information Act. The Applicant is a joint venture between Assetz NZ Freedom LL Limited and Freedom Group Holdings Limited, part of the Freedom Lifestyle Group retirement village business. The land is currently vacant and will be developed into a retirement village providing long-term accommodation. Consent was granted on the basis that the Applicant met the investor test and that the development is likely to contribute to increased housing outcomes through the construction of retirement living facilities.

While the proposal supports additional retirement accommodation in a growing Canterbury district, it also reflects the continuing role of overseas capital in shaping New Zealand’s retirement village sector. Foreign investment in aged-care and retirement developments is frequently justified on the basis of housing supply, construction activity, and demographic needs. However, it also raises wider questions about the increasing concentration of retirement and healthcare-related property assets in the hands of offshore investors, and the extent to which long-term returns from an ageing population are being transferred overseas rather than retained within New Zealand communities.

Japanese Investor Acquires Queenstown Land For Luxury Tourism Development

Beyond NZ HotelCo Pte. Ltd. (Japan 95%, Various 5%) has been granted consent to acquire approximately 27.49 hectares of land at Lodge Road, Jacks Point, Queenstown-Lakes. The purchase price has been withheld under the Official Information Act. The Applicant is majority owned by Tak Development Asia Pacific Pte. Ltd., a Singapore-based property developer linked to a Japanese family-owned construction and architecture group.

The land is currently undeveloped, and the Applicant intends to construct and operate a luxury lodge catering to the tourism market. Vendors were Wild Grass Limited Partnership (Australia 80%, Singapore 14%, Various Regions 6%) and Wild Grass Investments No. 1 Limited (New Zealand 76%, Australia 24%). Consent was granted on the basis that the Applicant met the investor test and that the investment is likely to provide benefits through capital expenditure, employment creation, export earnings, and support for tourism development.

The approval however highlights the continuing attraction of Queenstown’s high-value tourism assets to overseas investors. Successive Governments have promoted foreign investment in tourism infrastructure as a means of boosting visitor spending and regional economic activity. However, the steady transfer of strategically located tourism land into offshore ownership continues to raise questions about who ultimately controls and profits from New Zealand’s most valuable tourism destinations. As luxury tourism developments expand across Queenstown-Lakes, concerns remain about the balance between attracting foreign capital, preserving local control of land resources, housing affordability pressures, and ensuring that economic benefits are widely shared within host communities.

US Software Group Acquires New Zealand Automotive Technology Firm

PartsTrader Holdings Limited (United States 59%, Canada 21%, Various 20%) has been granted consent to acquire all shares in PartsTrader Markets Limited for $650 million. PartsTrader Markets operates a New Zealand-developed automotive procurement platform that connects repairers, insurers, and suppliers through a digital marketplace. The purchaser is a wholly owned subsidiary of Mitchell Topco Holdings, Inc., a major United States software company specialising in automotive and insurance technology. The company intends to integrate PartsTrader into its wider international operations while continuing to expand the business across both New Zealand and overseas markets.

While the transaction involves a technology company rather than physical land or infrastructure, it reflects the continuing transfer of ownership of successful New Zealand-developed digital businesses into larger overseas corporate groups. Supporters argue that foreign investment can provide access to capital, international markets, and growth opportunities. However acquisitions of innovative New Zealand firms can shift strategic decision-making, intellectual property control, and future economic returns offshore, raising broader questions about New Zealand’s ability to retain ownership of high-value technology enterprises as they mature.

Fuel Sector Consolidation Continues With Gull-NPD Merger

Astra Energy Group Limited (New Zealand 59%, Australia 24%, United States 11%, Various 6%) has been granted consent to acquire 100% of the shares in GNZ HoldCo Limited (Australia 50%, United States of America 24%, NZ 11%, Germany 7%, Various 7%) and NPD Group Investments Limited (NZ 100%). The transaction will merge the Gull and NPD fuel businesses, creating a larger fuel retail and distribution network spanning both the North and South Islands. NPD is primarily a South Island fuel retailer, while Gull operates fuel import, storage and retail operations, including its fuel import terminal at Mount Maunganui. Consent was granted.

While the merger is presented as a commercial consolidation designed to strengthen operations, it further concentrates ownership within New Zealand’s fuel sector, an industry already dominated by a small number of major players. The increasing role of overseas capital in fuel supply chains raises ongoing questions about market competition, pricing power, resilience of fuel infrastructure, and the extent to which strategic energy assets remain subject to public accountability. As fuel security and energy affordability continue to be significant national concerns, further consolidation warrants close scrutiny.

Dutch Pension Fund Increases Control Over Major Otago Forestry Estate

Stichting Pensioenfonds ABP (Netherlands 100%) has been granted consent to acquire a further 38% shareholding in Taieri Forests Limited, including associated shareholder loans, increasing its ownership interest in one of New Zealand’s largest forestry operations. The applicant already held a 34.31% stake in the company. Through its ownership of Taieri Forests, the investment relates to forestry rights and freehold interests covering approximately 29,000 hectares in the Otago region, managed through subsidiary Wenita Forest Products Limited.

Vendors are ANZFF2 NZ Limited and The Trust Company Limited in its capacity as trustee of ANZFIF2 NZ, which is ultimately owned by The Trust Company (Australia) Limited as trustee for New Forests Australia New Zealand Forest Operating Fund 2. The fund forms a stapled entity* with New Forests Australia New Zealand Forest Investment Fund 2, called Australia New Zealand Forest Fund 2, which is owned by certain overseas investment funds. *A stapled entity refers to two or more legally separate businesses (such as a company and a trust) whose individual securities are contractually bound together so they can only be bought, sold, or transferred as a single salable unit.

Consent was granted under the Special Forestry Test and Significant Business Assets provisions of the Overseas Investment Act after the investor test criteria were met. While the transaction does not involve a new forestry conversion or land purchase, it further consolidates overseas ownership within New Zealand’s plantation forestry sector.

The continued transfer of large-scale forestry assets into the portfolios of overseas pension and investment funds raises ongoing questions about who ultimately benefits from forestry revenues, timber exports, and carbon-related returns. As more forestry estates become embedded within international investment structures, concerns remain about the long-term concentration of control over productive land and strategic natural resources outside New Zealand ownership.

Australian Private Equity Takes Stake In New Zealand Apparel Brand

QSEF-Management Pty Limited, acting on behalf of the Quadrant Strategic Equity Fund (more than 99% overseas-owned), has been granted consent to acquire up to 25% of the shares in AS Colour Holdings Limited, one of New Zealand’s most successful apparel companies. The purchaser is a majority Australian-owned private equity investor, while the shares are being acquired from New Zealand investment firm Direct Capital Limited. The vendor was Direct Capital Limited (NZ 100%). The investment was subject to a national interest assessment because the investor is a non-New Zealand government investor. The Minister of Finance determined that the transaction is not contrary to New Zealand’s national interest, and consent was granted after the investor test criteria were met.

While the acquisition represents only a minority stake, it reflects the continuing role of foreign private equity capital in New Zealand’s consumer and retail sectors. AS Colour remains a New Zealand-founded company, but increasing overseas investment in prominent domestic brands raises broader questions about the long-term ownership, strategic direction, and distribution of profits from successful New Zealand businesses. Such transactions highlight the ongoing trend of local enterprises becoming increasingly integrated into international investment portfolios, with decision-making and financial returns progressively linked to offshore investors.

Centuria Funds Management (NZ) Limited (Australia 100%) has been granted consent to acquire Southgate Shopping Centre in Takanini, Auckland (approximately 4.51 hectares) and Hornby Mall in Christchurch (approximately 1.98 hectares) for $118.8 million. The acquisition will be undertaken through a new investment fund established by Centuria Funds Management (NZ) Ltd, which is ultimately owned by Australian-listed property investment manager Centuria Capital Limited. The vendor was Takanini Nominees Limited as bare trustee of the Takanini Nominees Joint Venture (New Zealand 100%) and R & H Investments Limited (New Zealand 100%).

The transaction adds to the growing level of foreign ownership within New Zealand’s commercial property sector, particularly large retail and shopping centre assets that serve as important community and economic hubs. While such investments are commonly justified on the basis of capital inflows and professional asset management, they also contribute to the ongoing transfer of ownership and rental income streams from significant commercial properties into overseas-controlled investment portfolios. As retail property ownership becomes increasingly concentrated in transnational funds, questions remain about local control, long-term community interests, and the extent to which the economic benefits generated by these assets remain within New Zealand.

French Luxury Giant Chanel Takes Stake In Major Central Otago Station

Chanel International BV has been granted consent to acquire an approximately 63.1% indirect interest in 5,148 hectares of freehold land at Lammermoor Station in Central Otago. The consideration has been withheld under the Official Information Act. The investment involves a joint venture with the existing owners, who will retain involvement in parts of the farming, distillery, and leisure operations. The vendors were Susan Judith Elliot and Robert John Stuart Elliot as Trustees of the RAW Elliot Family Trust and as trustees of the RJS Elliot Family Trust, in their capacity as partners of the Lammermoor Partnership (New Zealand 100%).

The Applicant, part of the global Chanel group, intends to invest in farm infrastructure and develop Lammermoor Station into what it describes as the world’s first regenerative organic certified fine wool-producing farm. The proposal includes expanding premium wool production, supporting environmental initiatives, retaining employment, and increasing export earnings through high-value luxury wool products marketed internationally.

While the investment is presented as a boost for sustainable agriculture and premium exports, it also highlights the growing interest of global luxury brands in acquiring stakes in New Zealand’s high-value rural land and primary industries. Such investments can provide capital and international market access, but they also raise broader questions about the increasing integration of New Zealand farming assets into global luxury supply chains, where strategic control and branding benefits may increasingly reside offshore rather than with local producers.

US Private Equity Firm Acquires New Zealand Fleet Software Company

DFMS US BidCo, Inc, DFMS NZ BidCo and DFMS TopCo LP (United States 63%, Canada 9%, Cayman Islands 8%, Various 20%) have been granted consent to acquire up to 100% of the shares in Whip Around (NZ) Limited and Whip Around, Inc. The vendors were Shareholders of Whip Around (NZ) Limited, Whip Around (NZ) Limited (for Whip Around Inc) (New Zealand 89% United States of America 7% Various 4%).

The Applicants are subsidiaries of funds managed by Accel-KKR, a United States-based private equity firm focused on software and technology investments. Whip Around is a cloud-based platform providing fleet maintenance, vehicle inspection, and compliance management services to customers internationally. Consent was granted after the Applicants satisfied the investor test requirements.

The acquisition continues a familiar pattern in New Zealand’s technology sector, where locally developed software companies are absorbed into larger offshore-owned investment portfolios once they reach scale. Supporters argue such transactions provide founders with capital, international growth opportunities, and access to wider markets. However, they also contribute to the gradual transfer of ownership, intellectual property rights, and future earnings from innovative New Zealand businesses to overseas investors. As private equity funds increase their presence in the technology sector, questions remain about New Zealand’s ability to retain long-term ownership and strategic control of successful home-grown digital enterprises.

US-Owned Wine Estate Expands North Canterbury Holdings

Aotearoa New Zealand Fine Wine Estates LP (United States 95%, New Zealand 5%) has been granted consent to acquire approximately 43.6 hectares of farmland at Pyramid Valley, North Canterbury, for $863,000. The land adjoins the Applicant’s existing vineyard and contains a water storage dam previously developed under an easement arrangement.

The Applicant stated that ownership of the land is necessary to secure long-term access to water resources used for irrigation and frost protection, supporting the continued operation and expansion of its wine business. The vendor was Surreyfield Farms Limited (NZ 100%). Consent was granted after the investor test was met and Ministers concluded that the investment was likely to benefit New Zealand through increased investment and support for the vineyard’s long-term viability.

While relatively small in scale, the transaction reflects the continuing acquisition of high-value agricultural and viticultural land by overseas-owned wine interests. New Zealand’s premium wine industry has attracted substantial foreign investment over recent decades, particularly in internationally recognised regions where access to land and water resources is increasingly important. Even investment brings capital and export opportunities, this brings gradual transfer of ownership of productive rural land and strategic water assets into overseas hands. The cumulative effect of these transactions continues to raise questions about long-term control of New Zealand’s premium agricultural resources and the distribution of the benefits generated from them.

Dutch Pension Fund Acquires More Than 22,000 Hectares Of Otago Forestry Land

Taieri Land Limited (Netherlands 100%) has been granted consent to acquire approximately 22,543 hectares of land in Otago, known as the Berwick and Otago Coast Forests. The land includes around 18,855 hectares of productive plantation forestry. The Applicant is a wholly owned subsidiary of Stichting Pensioenfonds ABP, one of the world’s largest pension funds, based in the Netherlands. The vendor Otago Estate Limited is ultimately associated with the Australia New Zealand Forest Fund 2, managed through New Forests investment structures.

This transaction represents one of the larger forestry land transfers approved under the Overseas Investment Act in recent years and highlights the growing role of international pension funds and investment vehicles in New Zealand’s plantation forestry sector. Forestry assets have become increasingly attractive to overseas investors due to their timber production potential, long-term land appreciation, and growing relevance in carbon markets.

While such investments provide capital and support for the forestry industry, this points to the continuing concentration of large areas of productive land under offshore ownership. The cumulative effect of these acquisitions raises ongoing concerns about foreign control of strategic land resources, the influence of global investment funds on rural land use, and the extent to which long-term economic returns from forestry remain in New Zealand.