US property gurus reveal 10% stake in NZ Rural Land Co

A US property investor has revealed a 10 per cent stake in NZRLC. Photo / Hawke's Bay Today

Clyde and Rena Hollard - experienced American property investors with New Zealand residency - have emerged as key shareholders of NZ Rural Land Co (NZRLC) after its initial public offering and share market listing this week.

In a notice to the NZX, the Hollands said they held 5.96 million shares, or 9.86 per cent of the company, worth $7.45 million at the $1.25 issue price.

Clyde Holland is chairman and chief executive of Washington-based Holland Partner Group (HPG), which develops residential property in the western United States.

Last year, Holland was keynote speaker at the Residential Development Summit in Auckland.

In a report published by Newsroom at the time, Holland said he was laying the ground work for HPG's entry into building affordable housing.

He had been scouting in New Zealand for 20 years, with HPG's investments starting in the mid 1990s and including projects such as Sylvia Park, the report said.

In other notices to the NZX, Vaulterra Holdings - a private offshore entity - emerged with a 9.86 per cent stake in NZRLC.

ANZ New Zealand Investments also declared a 9.87 per cent holding.

NZRLC's offer documents said the company would maintain at least 75.01 per cent New Zealand ownership to avoid the need for Overseas Investment Office approval for rural land acquisitions.

"This provides NZRLC a non-purchase price advantage over competing foreign acquirers who must incur the time, cost and uncertainty of seeking approval."

Shares in NZLC last traded at $1.26, up one cent on Monday's close.