A German investment fund has been given approval to buy a 1400-hectare farm in Southland - its sixth purchase in the area in the past year.
New Zealand's Overseas Investment Office has given approval to Aquila AgrarINVEST II to purchase the $33 million farm.
New Zealand company MyFarm has been helping co-ordinate the purchase and will manage the property and planned capital development.
MyFarm director Grant Rowan says the latest purchase is a very large farm, but the overall holdings account for only a small portion of Southland's total dairy farming area.
Mr Rowan says that in total the company has bought 2100 hectares of land, which he says equates to barely more than 1 percent of Southland's dairy farming area of 170,000 hectares.
Mr Rowan says the investment fund is not understood to be currently pursuing any other big purchases in the area.