Applicant
Blenheim Estate Limited
Case number(s)
201520037
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date4 October 2016
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • a freehold interest in 2,078.9988 hectares of land at Benredwood Forest, 672 Avon Valley Road, Waihopai Valley, Marlborough; and
  • a freehold interest in 248.6231 hectares of land at Willow Creek Forest and Big Green Forest Marlborough; and
  • a freehold interest in 41.3900 hectares of land at Koromiko Freehold Forest, 973 SH 1, Koromiko, Marlborough; and
  • a freehold interest in 153.1800 hectares of land at Hidden Valley Forest Marlborough; and
  • a freehold interest in 602.2900 hectares of land at Branch Forest, near 5969 State Highway 63, Wairau Valley Marlborough; and
  • a freehold interest in 1,848.9300 hectares of land at Chestnut Valley Forest Marlborough.
ConsiderationWithheld under s(9)(2)(b)(ii) of the Official Information Act
ApplicantBlenheim Estate Limited
The Trust Company (Australia) Limited as trustee for the New Forests Australia New Zealand Forest Operating Fund 2 (100%) which is wholly owned by certain overseas investment funds. The New Forests Australia New Zealand Forest Operating Fund 2 is managed by New Forests Asset Management Pty Limited.
Vendor

Benredwood Limited
Richard James Osborne, Derek Ralph Lander, Barbara Ann Osborne, New Zealand (95.0%)
Mark James Osborne, New Zealand (5.0%)

Willow Creek Forest Limited
Richard James Osborne, Derek Ralph Lander, Barbara Ann Osborne, New Zealand (87.0%)
Mark James Osborne, New Zealand (13.0%)

Flight Forestry Limited
Richard James Osborne, Derek Ralph Lander, Barbara Ann Osborne, New Zealand (100.0%)

Hidden Valley Forest Limited
Richard James Osborne, Derek Ralph Lander, Barbara Ann Osborne, New Zealand (87.0%)
Mark James Osborne, New Zealand (13.0%)

Richard James Osborne
New Zealand (100%)

Chestnut Valley Limited
Richard James Osborne, Derek Ralph Lander, Barbara Ann Osborne, New Zealand (100.0%)

Background

The Applicant is acquiring a portfolio of commercial forestry plantations in the Marlborough area. The Applicant intends to enter into a long term wood supply agreement with a local mill for a minimum of ten years, which will provide security of supply and enable the mill to invest in its growth and operation. The Applicant will also consult with the Department of Conservation and the Walking Access Commission and implement any reasonable measures they recommend.

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)(iv) –Greater efficiency/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(e) – Previous investments

More informationAlan Paterson
Russell McVeagh
PO Box 8
AUCKLAND