US Harvard Fund Could Buy Otago Farm

A global investment fund of Harvard University could buy the Big Sky Dairy Farm in Central Otago, New Zealand, for $28m, according to New Zealand media sources.

The offer is subject to Overseas Investment Office (OIO) approval.

Harvard’s endowment fund, valued last year at $26bn, will be notified by the OIO if it gains approval.

Once approved, Harvard will combine Big Sky’s annual output of 1.1 million kilograms of milk solids with another dairy farm it owns in the district to produce about 1.8 million kilograms a year by 2013.

In 2003, it gained OIO approval for a $1bn North Island forestry purchase, reports nzherald.co.nz.

The farm was placed on the market for $20m nearly ten years ago, but failed to sell, and went into receivership in March 2007, owing up to $30m.