| Decision number | 200620083 |
|---|---|
| Application number | 200620022 |
| Date | 21 December 2006 |
| Offeror/applicant | Olsen and Company Limited as agent for NZFIT Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australia Post Superannuation Scheme |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Equine Estate Limited 100 percent - Switzerland, Ulmke (Rita) |
| Business activities | Agriculture - Scrub/Native Bush Forestry |
| Details of land involved | 155.1969 hectares of freehold situated at 183 Jensen Road, Rotoma being CT SA45A/382 (South Auckland Registry). |
| Regions involved | Bay of Plenty/Coromandel |
| Total consideration | $1,600,000 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Olsen and Company Limited (Olsen) acquired the land on 21 February 2006 to enable the land to be secured for the benefit of the NZFIT Limited (NZFIT) and in anticipation of the NZFIT obtaining consent to acquire the land. The party that sold the land to Olsen was not prepared to sell the land to the Applicant subject to obtaining consent under the Overseas Investment Act 2005. Olsen is the holding company for the forest advisory and management business carried on by PF Olsen and Company Limited. NZFIT, which is ultimately owned by the Australia Post Superannuation Scheme, proposes to acquire the subject property which contains approximately 122 hectares that was established in pinus radiata forestry in 1992. Harvesting is scheduled for 2022/23. NZFIT has been formed for the purpose of investing in New Zealand forests and will form part of a wider investment portfolio for the beneficial owners of NZFIT. The proposal is likely to result in the following benefits:
|
| Contact | Richard Pryce Davys Burton PO Box 248 ROTORUA |