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Harvard Management Company Invests In New Zealand Dairy Farm

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Prestigious Ivy League university Harvard has expanded its dairy holdings in New Zealand now that the Overseas Investment Office (OIO) has approved the sale of 143 hectares in Central Otago for $1.3 million. The land borders Maniototo's Big Sky Dairy Farm, which the Harvard Management Company bought six years ago for more than $28m. Described as New Zealand's first super dairy farm, running 6000 cows on 1600 ha, the Big Sky dairy syndicate was formed in 2001 by deceased Dunedin businessman Howard Paterson. It went into liquidation in 2009. However, the company has managed to turn the farm into profit. The OIO said Harvard currently leased the land from the vendor, McSkimming Farm Limited, to support its dairy operations on its neighbouring farms. It intended to buy the land freehold to continue to operate it as dairy support and to develop a water storage reservoir.