| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 18 December 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in the remaining 37.5% of the interest in the Kirikiri Bay Joint Venture (formerly Radiata Bay Partnership) which owns or controls a freehold interest in 517.4001 hectares of land at Tangoio Settlement Road, Napier. |
| Consideration | $2,000,000 |
| Applicant | Kirikiri Part, LLC Canada (100.0%) |
| Vendor | Awatea Trust New Zealand (100.0%) |
| Background | Mr Paulus, the shareholder of the Applicant holds a 62.5% interest in the Kirikiri Bay Joint Venture. Mr Paulus through the Applicant proposes to increase his existing 62.5% ownership and control interest in the Joint Venture, to initially 80%, and then up to 100%, by the acquisition of the 37.5% interests held by the other Joint Venture parties. This will result in Mr Paulus having a 100% beneficial interest in the property at Tangoio Settlement Road, Napier. Mr Paulus intends to develop the land from its current status as a primarily sheep and beef farm to a mixed plantation forest and specimen arboretum in accordance with the Kirikiri Bay Afforestation Plan (Forest Plan). The implementation of the Forest Plan commenced in 2008 and has continued during 2009. The proposed forestry development will ensure that the land is used for productive purposes and will complement Mr Paulus' existing forestry investments 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 | Gerald Fitzgerald Kensington Swan (Wellington) PO Box 10-246 WELLINGTON 6143 |