| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 22 May 2020 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1,220.94 hectares of freehold land at 1066 Autawa Road, Tarata, Inglewood, New Plymouth. |
| Consideration | $4,374,000 |
| Applicant | Drylandcarbon One Limited Partnership New Zealand Public (65.6847%) Australian Public (14.8667%) United States Public (12.3162%) Various (7.1324%) |
| Vendor | LW Nominees Limited, David James Brocklehurst and Janette Margaret Brocklehurst as trustees of the DJ & JM Brocklehurst Family Trust 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 Applicant is a limited partnership established for the purpose of developing a diverse forestry portfolio and plans to acquire sufficient land to plant 20 million trees in the next 5 years. The Applicant has a significant level of New Zealand ownership including Crown ownership and the New Zealand public through shareholdings in the limited partners which include Air New Zealand, Z Energy, Contact Energy and Genesis Energy. The land being acquired is part of a larger property currently being used as a grazing property. The vendor will retain the more productive front part of the property while the applicant will acquire three titles to the back of the property and proposes to plant approximately 650 hectares as a commercial rotation forest. The balance of the land is made up of reverting scrub and bush or related to riparian, a small existing exotic plantation (approximately 2 hectares) and containing infrastructure. The Applicant intends to harvest the existing crop of trees and replant following harvest. |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |