| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 19 August 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 255.2413 hectares of land at Rangitatau East Road, Wanganui. |
| Consideration | $2,306,250 |
| Applicant | Rangitatau NZ Limited Joel Leston Reed and Ann Denise Reed as trustees of the Joel and Ann Reed Family Trust, United States of America (100.0%) |
| Vendor | Rangitatau Partnership John Francis Quin, New Zealand (10.0%) John Harrison, New Zealand (10.0%) Keith Haitana-Te-Tawhero, New Zealand (10.0%) Gregory Leigh Hunt, New Zealand (10.0%) Michael Guy Webber, New Zealand (10.0%) Andrew Howard Jones, New Zealand (10.0%) Malcolm McGregor Murchie, New Zealand (10.0%) Thomas Ernest Downie and Jean Violet Ann Downie, New Zealand (10.0%) Anthony William Herbert, New Zealand (10.0%) Laurence William Hocquard, New Zealand (5.0%) Laurence William Hocquard and Richard Lyell Moore, New Zealand (5.0%) |
| Background | The land is a pinus radiata forestry block. The Applicant will harvest and replant the forest in approximately 10 years' time. The owners of the Applicant believe Australasia will be an area of future high economic growth and are looking to diversify their investments into trees and 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 Overseas Investment Regulations 2005 |
| More information | Andrew Petersen Bell Gully PO Box 4199 AUCKLAND 1140 |