Farm investment specialist Craigmore Sustainables said it would spend $38 million on converting 137 hectares of established dairy farm land near Kerikeri to what will be one of the country's biggest kiwifruit orchards.

The company is New Zealand-owned but draws its funds from overseas, mostly from Europe, which meant the purchase required Overseas Investment Office (OIO) approval.

Funds are sourced from Europe, UK and Ireland, with over 50 per cent now coming from Germany. Investors typically had an interest in the sustainability of New Zealand's food and fibre sectors.

Craigmore said the investment would increase local kiwifruit production by more

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