International investors have snapped up five Hawke’s Bay orchards managed by New Zealand Rural Land Company (NZL) after grower-exporter Kiwi Crunch entered administration.
NZL announced that Zealand Rural Land Investments (NZRLI), 75 per cent owned by NZL, has entered into a conditional agreement to sell the Hawke’s Bay orchards to a partnership managed by Craigmore Sustainables for NZ$18.84mn (US$10.74mn)
Craigmore Sustainables is a New Zealand-based investment entity that works with global capital partners to build and manage farm, orchard and forestry businesses.
As such, the sale is subject to conditions, including approval by New Zealand’s Overseas Investment Office (OIO).
The sale follows Kiwi Crunch’s…