News | Education
22 Apr 2018 10:59
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Education

    OIO considers $105m sale of Harvard farms

    The Overseas Investment Office is considering the sale of Harvard University's 5500-head dairy farms in the South Island to a Singapore-based investor.


    The Overseas Investment Office is considering the sale of Harvard University's 5500-head dairy farms in the South Island to a Singapore-based investor.

    Accounts for the dairy farms filed with New Zealand's Companies Office show that it entered into an agreement to sell its business assets to WHL Otago Operations on May 31, and the sale was now pending OIO approval but the settlement was expected by June 2018.

    The accounts show that the expected realisation value of all the company's assets, after the cost of selling, was calculated to be $105.5 million as at June 30, 2017.

    WHL Otago Operations changed its name to Dairy Otago Operations on August 4.

    It is wholly owned by Dairy Otago Holdings, whose ownership is split between Waimate-based Peter Williams, who holds two-thirds, and Singapore-registered Dairy Holdings Pte, which owns the remaining third.

    The OIO confirmed that it has "received an application for consent for an overseas person to acquire the Otago dairy farms currently owned by Harvard".

    In November, the new Labour government said it had begun policy work to further tighten the sale of local assets to foreigners beyond the initial announcement of an effective ban on overseas buyers of existing residential property.

    Harvard bought the Big Sky Dairy Farm properties out of receivership in 2010 for about $32 million, after what was Central Otago's biggest dairy farm operator defaulted on payments in 2007 before being placed in liquidation two years later.

    The Cambridge, Massachusetts-based university has held about 10 per cent of its US$35.7 billion endowment fund in natural resources, built up by former Fletcher Challenge executive Andy Wiltshire who left Harvard Management Co last year.

    Among those investments is central North Island's Kaingaroa forest.


    NZN




    © 2018 NZN, NZCity


     Other Education News
     21 Apr: Three arrests at Hyde Street party
     19 Apr: Chinese students being taught 'us and them' brand of diplomacy
     17 Apr: US college team to tour NZ and Australia
     15 Apr: Ten years since Elim School river tragedy
     12 Apr: Early learning centre complaints released
     11 Apr: Meet the Indian housewives studying to become Hindu priests in their 'second innings'
     10 Apr: US Ambassador summoned to explain after diplomatic car kills motorcyclist in Pakistan
     Top Stories

    RUGBY RUGBY
    Rebels fall to Bulls in more Super misery More...


    BUSINESS BUSINESS
    Air NZ plane bound for Japan turns back More...



     Today's News

    International:
    'Marry first, then fall in love': The evolution of love and marriage in China since Mao Zedong's era 10:37

    Entertainment:
    Mini-Me actor Verne Troyer, from Austin Powers, dies aged 49 10:37

    Entertainment:
    Jaime King wants to see the man who smashed her car window and showered her son with glass charged with a felony 10:31

    Sports:
    King wins Egypt squash opener 10:27

    Golf:
    Kiwi golfer Fox on the pace in Morocco 10:06

    Entertainment:
    Kate Hudson is "really excited" to give birth to her first daughter 10:01

    Entertainment:
    Kim Kardashian West has confirmed the closure of all the DASH stores she owns with her sisters 9:31

    Cricket:
    NZ bowler Henry stars for English county 9:26

    International:
    Vietnamese teen's escape from the China trafficking trade that sold her mother 9:16

    Entertainment:
    Nick Cannon’s twins “love” being big siblings to their baby brother 9:01


     News Search






    Power Search


    © 2018 New Zealand City Ltd