| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 20 March 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 95.2900 hectares of land at 41 Hilda Road, Edendale, Southland (“the Land”). |
| Consideration | $159,000 annual rent |
| Applicant | ArborGen New Zealand Unlimited MeadWestvaco Corporation, United States of America (33.33%) International Paper Company, United States of America (33.33%) Rubicon Limited (33.34%) which is ultimately owned by interests from the United States of America (87.91%) and New Zealand (12.09%) |
| Vendor | Edendale Nursery (Southland) Limited New Zealand (100%) |
| Background | The Applicant is a forestry biotechnology company which breeds, grows and supplies tree seedlings to forest owners in New Zealand. In addition to the leasehold interest, the Applicant is acquiring Edendale Nursery which is located on the Land. The acquisition of Edendale Nursery will enable the Applicant to introduce elite products to customers in the Southland and Otago regions. 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 Overseas Investment Regulations 2005 |
| More information | Alan Lear PO Box 3705 AUCKLAND |