| 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 783.5752 hectares of land at Athalone, Waimate, South Canterbury. |
| Consideration | CONFIDENTIAL |
| Applicant | Blakely Pacific Limited Eddy Family, United States of America (100.0%) |
| Vendor | Waimate District Council New Zealand (100%) |
| Background | The Applicant owns approximately 28,726 hectares of freehold land in New Zealand and holds a forestry right over 882.39 hectares. Of this land area, approximately 22,445 hectares is in production forest being predominantly radiata pine and douglas fir. The Applicant proposes to acquire the land known as the Athalone forest which is currently planted in predominantly pinus radiata forestry with some areas of other species. The Athalone forest adjoins the Waimate forest which has been owned by the Applicant since 1999. The acquisition of the land is consistent with the Applicant's continuing forestry investment strategy in New Zealand. 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 | Craig Nelson Simpson Grierson (Auckland) Private Bag 92518 Wellesley Street AUCKLAND |