| Decision | Consent granted Section 12(1)(a) and Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 26 June 2023 |
| Pathway(s) | Sensitive land – Special forestry test (one-off) Significant business assets |
| Investment | Acquisition of up to 100% of the shares in GTI 8 New Zealand Limited for consideration exceeding $100 million and An overseas investment in sensitive land, being the Applicant’s (indirect through GTI 8 New Zealand Limited) acquisition of: A freehold interest in approximately 24,442.6 hectares of land in the Central North Island |
| Consideration | Approximately NZ$730,300,000 (US$466,000,000) |
| Applicant | OTPP New Zealand Forest Investments Limited Canada 100% |
| Vendor | GTI 8 New Zealand Forests Limited United States of America 37.55% Cayman Islands 12.46% Denmark 11.75% United Kingdom 8.63% Sweden 7.57% New Zealand 7.48% Canada 7.39% Various 7.22% |
| Background | The Applicant is an indirect subsidiary of the Ontario Teachers’ Pension Plan Board. It has been investing in New Zealand forestry for 19 years. The Applicant is acquiring 100% of the shares in GTI 8 New Zealand Limited from the Vendor, GTI 8 New Zealand Forests Limited. GTI 8 New Zealand Limited owns approximately 24,442.6 of land in the Central North Island. GTI 8 New Zealand Limited was granted overseas investment consent to acquire this land in 2007. The land is currently used for forestry purposes. The land is known as Waonui estate and is contained in three geographically separate forests (Tāneatua, Matahina, and Wainui). The land contains approximately 22,230.7 hectares of existing forestry. Most of the land is in its second and third rotation. The Applicant plans to continue operating a commercial plantation forest on the Land. The land will be planted predominantly in Radiata pine. Consent was granted as the Applicant has met the investor test and special forestry test criterion. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | Tessa Baker Chapman Tripp (Auckland) PO Box 2206 AUCKLAND 1140 |
See the attached Conditions of consent linked below, which was published in response to an Official Information Act request:
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