Orchards sold pending approval from the Overseas Investment Office
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 collapse in July 2026. NZL owned orchards that were leased to Kiwi Crunch Farms and in July it advised the leases associated with Kiwi Crunch Farms account for approximately 5.8 per cent of NZRLI’s total rental income.
“This agreement follows the external administration of entities associated with Kiwi Crunch and the subsequent decision by the receiver of Kiwi Crunch Farms not to adopt the existing Hawke’s Bay leases,” NZL said in its sale announcement.
“NZL’s FY26 earnings guidance remains suspended until it has more complete information on the financial impact of the external administration of entities associated with Kiwi Crunch.”
The sale is expected to be completed by 10 November 2026, subject to conditions, with settlement expected to occur five working days after OIO consent is obtained.
