| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(3) – Forestry activities – Standing consent transaction |
|---|---|
| Notification number | 2 (of 25) |
| Decision Date | 3 May 2021 |
| Investment | An overseas investment in sensitive land, being the Consent Holder’s acquisition of a freehold interest in approximately 184.6346 hectares of land at SH2, Putorino, Hastings, Hawke's Bay. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Consent Holder | Pan Pac Forest Products Limited Japanese Public (74.6%) United States Public (11.68%) United Kingdom Public (6.35%) Various overseas persons (6.1%) Belgium Public (1.27%) |
| Vendor | Matahorua Forestry Partnership Limited New Zealand Public (73.4%) Australian Public (26.6%) |
| Background |
The Consent Holder was granted a standing consent based on the special test relating to forestry activities on 19 September 2019. This permits the Consent Holder to acquire up to 20,000 hectares of land in up to 25 transactions by 1 October 2022. This is the second acquisition of land under the standing consent. The land is already, and will continue to be, used as a commercial forest known as the ‘Matahorua Forest’. Approximately 161 hectares of the land is planted in commercial tree stocks, with the remaining 23 hectares relating to existing infrastructure (roads and tracks). In line with the conditions of the standing consent, the land will be used exclusively for forestry activities, and the crop of trees will be replanted after it has been harvested. We are satisfied that the notified transaction falls within the scope of the standing consent. |
| More information | Paul Foley / Lauren Archer MinterEllisonRuddWatts PO Box 2793 WELLINGTON |