| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 2 October 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 309.1797 hectares of land situated near Opotiki. |
| Consideration | $528,750 |
| Applicant | Pacific Trees Limited Portugal (100.0%) |
| Vendor | K & J Farms Limited New Zealand (100.0%) |
| Background | Pacific Trees Limited (Pacific Trees) has identified New Zealand as a good place to make forestry investments. Pacific Trees received consent on 31 March 2008 to acquire 405.2025 hectares in the Opotiki District to undertake a forestry investment. Pacific Trees proposes to undertake further forestry investments in New Zealand. The relevant land contains approximately 217 hectares of radiata pine forestry which is scheduled to be harvested over the next three years. The land is currently subject to a forestry right. Pacific Trees intends to replant the forest as parts of the property are handed back to Pacific Trees under the current forestry right. Pacific Trees intends to re-establish the area of land where forestry is economic and advises that at least 180 hectares will be re-established in radiata pine forestry. Areas that will not be replanted will be allowed to naturally regenerate with native bush. The proposed investment is consistent with Pacific Trees' strategy to undertake 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 |
| More information | Katherine Willers Andrew Caddie |