Overseas investment decision for case 201320025 - The New Zealand Redwood Company

An overseas investment in sensitive land being:

•  a freehold interest (including a half share interest in Kirikau A Block) in approximately 695 hectares of land located at 649 Paparoa Road, Taumarunui owned by the trustees of the GM Woolston Family Trust (In Receivership); and
• a half share freehold interest (currently owned by various owners excluding the trustees of the GM Woolston Family Trust) in approximately 123 hectares of land being Kirikau A Block located at 649 Paparoa Road, Taumarunui.

Trustees of the GM Woolston Family Trust (In Receivership)
New Zealand (100%)

Various owners of an undivided half share in Kirikau A Block
New Zealand (100%)

The Applicant intends to establish a Redwood forest on the land.

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 productivity and efficiencies
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)(c) – Trout, salmon, wildlife and game
17(2)(e) – Walking access
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests