| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Toitū Te Whenua Land Information New Zealand |
| Decision Date | 31 October 2024 |
| Pathway | Sensitive land – Benefit test |
| Investment | Acquisition of a freehold interest in approximately 2,200 hectares of land situated at McKenzie Road, Cattle Flat, Southland. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Wao Marino LP Switzerland 100% |
| Vendors | Mustard Seed Limited Paul Mark Paterson and Macdonald Perniskie Trustees 2011 Limited as trustees of The Domeburn Trust New Zealand 100% |
| Background | The Applicant is a New Zealand limited partnership that is ultimately owned by a Swiss-based investor. Both properties already have approximately 497 hectares of commercial forestry and 571 hectares of indigenous forests on them. The remainder of the properties is currently principally used for sheep farming. The land is mainly Land Use Capability classes 4 at 8% and 6 at 92%. The Applicant intends to establish a commercial rotation forest and will plant an additional 1,050 hectares of primarily Pinus radiata. The main benefits that will likely result from this investment are economic benefits in the form of increased indirect export receipts, domestic processing, creation of employment, and additional capital investment. There are also climate change benefits because this investment will result in a reduction in net carbon emissions. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 Auckland 1140 |
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