| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 October 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 217.8900 hectares of land at to acquire 217.89 hectares of land and forest at Wharekopae Road, Ngatapa, Gisborne. |
| Consideration | CONFIDENTIAL |
| Applicant | PF Olsen Tisa Pty Limited as the corporate trustee of the Australasian Timberland Fund II Australia (85.8%) United Kingdom (except Isle of Man and the Channel Islands) (13.2%) Germany (1.0%) |
| Vendor | A C Forestry Limited New Zealand (100.0%) |
| Background | Both the Applicant and the Fund have been established for the purpose of investing in forests in both Australia and New Zealand. The objective of the Applicant in making the proposed investment is to obtain a reasonable return on investment in the business of growing forests on the Land. The proposed investment along with the purchase of the associated forestry right will form part of a wider investment portfolio for the beneficial owners of the Fund.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' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Richard Pryce Davys Burton PO Box 248 ROTORUA |