Brits deny pushing Kiwi farm prices up

One of Britain's richest families has won approval to pay $4.2 million for its 10th farm in New Zealand - taking its farm holdings to more than $50 million.

The big-money purchases are raising fears that overseas investors are driving up farm prices and pricing New Zealanders out of the market.

The Rausing family has won approval from the Overseas Investment Office to buy the 595-hectare (about 1500-acre) Katoa Station at Te Araroa, in the Gisborne district.

Hans Rausing, 80, and his family were sixth on the British Sunday Times Rich List this year, with an estimated worth of 5.4 billion (NZ$14.4 billion).

Their fortune was made from the TetraPak packaging company, founded by Hans' father, Ruben, though they sold their interests in that company about 10 years ago.

Since 1999 the family, through its Ingleby company, has spent $53.5 million buying 10 farms in Gisborne, the King Country and South Canterbury.