| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 October 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 460.6656 hectares of land at 715 Murimotu Rd, RD 5, Hunterville. |
| Consideration | $1,575,000 |
| Applicant | The New Zealand Redwood Company United States of America (100.0%) |
| Vendor | ASB Bank Limited Australia (100.0%) |
| Background | The Applicant intends to plant the property, which is adjacent to the Applicant's existing 400 hectare redwood forest, in redwood trees. The Investment will enable the Applicant to increase the scale of its redwood forestry operations, and enhance economies of scale of the existing adjacent forest. The Investment will help create sufficient 'critical mass' to justify further investment in the redwood forestry operation. It is also anticipated that neighbouring land owners will recognise the benefits that they can derive from having a significant localised redwood forestry, so that over time the region can develop into a centre for an intensive redwood forestry industry, creating jobs and generating increased export receipts. 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 | Scott Whitaker Duncan Cotterill (Christchurch) PO Box 5 CHRISTCHURCH |