Applicant
Monte Forestry Limited
Case number(s)
201120016
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 November 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,926.6401 hectares of land (and approximately 55 hectares of leasehold/licence land) at Rewhetu Station located at Waikura Valley Road, East Cape.
Consideration$5,000,000
ApplicantMonte Forestry Limited
Christian Welte, Switzerland (100.0%)
VendorRewetu Station Limited
New Zealand (100.0%)
Background

The Applicant is combining three adjoining farms into a single forestry and sheep/beef farming operation (refer Case 201120015). The area of forestry on the relevant land will increase in accordance with the objectives of the East Coast Forestry Project which aims to control excessive erosion in the Gisborne Area.

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) – Creation/Retention of 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) – Indigenous Vegetation/Fauna
17(2)(f) – Offer to sell 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

More informationIan Blackman
Blackman Spargo
PO Box 6206
ROTORUA