German investors have continued adding to their South Island farm portfolio, acquiring a 227ha property at Gore for $3.37 million.
Aquila AgrarINVEST, Milchfarm Investments and Alceda Star have received approval from the Overseas Investment Office for the purchase.
It was intended to convert 111ha of the Waipahi Station Rd property into a dairy platform.
The property would then be amalgamated with the neighbouring farm and the two run as a single dairy farm of 326ha, with another 106ha to be used as a run-off.
In June, it had been revealed the German investors had spent more than $70 million on seven dairy units and one sheep farm which would be converted to dairying.
Seven of those farms were in Southland - including the 1400ha Glencairn dairy property at Dipton which was bought for $33 million - and one was near Rakaia, in Mid Canterbury.
Most of the properties would continue to have New Zealand co-owners, with German ownership ranging from 51% to 100%.
