Decision | Consent granted |
|---|---|
Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
Decision Date | 28 June 2018 |
Investment | An overseas investment in sensitive land and significant business assets, being the Applicant’s acquisition of:
|
Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act |
Applicant | ANZFF2 NZ Limited, Otago Estates Limited and the trust Company Limited as trustee of ANZF1F2 NZ |
Vendors | Otago Land Company Fund 7 Foreign LLC |
Background | ANZFF2 NZ Limited is a subsidiary of the New Forests Australia Forest Fund 2, an investment fund with the mandate to invest exclusively in forestry assets in Australia and New Zealand. The investment fund is managed by New Forests Asset Management Pty Limited (New Forests). New Forests and its related companies manage existing assets across Australia, New Zealand, Asia and the USA with over AU$3.5 billion of assets under management. The Investment is expected to result in a substantial and identifiable benefit to New Zealand. The Applicant intends to prune more of the trees on the land, improving the quality of wood produced from the land and increasing the likelihood that the wood will be supplied to domestic processors. The Investment is also likely to advance the Government's strategy to plant one billion trees between 2018 and 2027. The Applicant has committed to additional protection for significant areas of indigenous vegetation, wetlands and the habitats of native freshwater fish across the land. These mechanisms are an opportunity to secure enduring protections for areas that are of significant environmental value. The Applicant will also undertake a significant pest control programme, which is likely to reduce predation of native species on the land and on adjoining conservation land, and prevent the incursion of wilding conifers on adjoining conservation land. The Applicant has also agreed to create additional access routes and public access easements. These routes will be available via Wenita’s existing permit system at first but will eventually be accessible to the public without a permit. |
More information | Alan Paterson |