Applicant
New Zealand Forest Products Holdings Limited and Patrick Egan
Case number(s)
201620028
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date7 December 2016
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,116.4862 hectares of land at 465 Tumbledown Bay Rd, Whangataura Bay, Port Underwood, Marlborough.
Consideration$9,500,000
ApplicantNew Zealand Forest Products Holdings Limited and Patrick Egan
Patrick Egan, St Kitts and Nevis (100%)
VendorUnderwood Farm Limited
New Zealand (100%)
Background

The Applicant intends to ‘intensify’ an existing forestry operation on the Land by planting an additional 80 hectares of radiata pine, increasing the rate at which 850 hectares of existing radiata pine is harvested and investing in technology and infrastructure.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Protection of indigenous vegetation/fauna
17(2)(d) – Protection of historic heritage
17(2)(e) – Provision of walking access

Overseas Investment Regulations 2005
28(a) – Consequential benefits

More informationJoe Biddles
Thompson Blackie Biddles
P O Box 1996
Shortland Street
Auckland 1140
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