Fonterra paid $4 million for four hectares of industrial-zoned land at Horotiu, north of Hamilton, to bolster its objection to a big housing development plan.

The dairy cooperative bought the land, comprising three adjoining blocks neighbouring its Te Rapa factory late in 2017, during the financial year for which it posted an historic first net annual loss of $196m.

Latest rating valuations for the blocks, as at September 1 2018, are for $700,000, $720,000 and $720,000 respectively, a total of $2.1m.

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