| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 11 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 272.6325 hectares of land at 272, 312 and 352 Hingarae Road, Tihoi, Taupo. |
| Consideration | $15,800,000 |
| Applicant | Oji Fibre Solutions (NZ) Limited Japanese Public (86.008%) United States Public (5.598%) United Kingdom Public (4.41%) Various overseas persons (3.198%) Luxembourg Public (0.786%) |
| Vendor | Waihora Forestry No.1 Limited New Zealand (96.5%) Australia (3.5%) Waihora Forestry No.1A Limited New Zealand (100%) Waihora Forestry No.2 Limited New Zealand (100%) Waihora Forestry No.3 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 Applicant has three mills in New Zealand (Kinleith, Tasman and Penrose), and it is a major domestic manufacturer of kraft pulps and packaging paper. The land being acquired is already a commercial forest known as the ‘Waihora Forest’. The land use is 269.7 hectares of forestry and 2.9 hectares of unproductive land containing road and native vegetation. It is anticipated that harvesting of the commercial forest will commence in approximately 2022. The Applicant intends to continue to operate the land as a commercial forest, and replant the crop of trees following harvest. |
| More information | Chris J Parke Dentons Kensington Swan 18 Viaduct Harbour Avenue Auckland |