| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 4 February 2021 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) National Interest assessment |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 3,596 hectares in the Nelson, Southland and Otago regions. This is made up of the following forests:
|
| Consideration | $46,165,000 |
| Applicant | Kakapo Estate Limited and Marberry Estate Limited ANZFF3 Limited which is wholly owned by ANZFOF3 NZ Pty Limited which is ultimately owned by The Trust Company (Australia) Limited as trustee for the New Forests Australia New Zealand Forest Operating Fund 3 which is wholly owned by certain overseas investment funds. The New Forests Australia New Zealand Forest Operating Fund 3 is managed by New Forests Asset Management Pty Limited. |
| Vendor | Invercargill City Forests Limited New Zealand (100%) |
| Background | The Applicant has applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The land being acquired is made up of 14 existing commercial forests. The land use is 3,029 hectares of forestry, approximately 500 hectares of native vegetation, 50 hectares of unplantable land relating to ridges, gullies and steep land, and 18.23 hectares of roads and tracks. The Applicant intends to continue to operate the land as commercial forests, and replant the crop of trees following harvest. The Applicant will continue to maintain relevant existing arrangements on the land, including public access over the Monowai Forest by the University of Otago Geology Department. The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest. |
| More information | Daniel Williams Anderson Lloyd (Auckland) PO Box 399 Shortland Street Auckland 1140 |
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