| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 18 August 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 187.6550 hectares of land at State Highway 30, Kopaki near Te Kuiti. |
| Consideration | CONFIDENTIAL |
| Applicant | PF Olsen Tisa Pty Limited as the corporate trustee of the Australasian Timberland Fund II Australian Public (85.8%) United Kingdom Public (13.2%) German Public (1.0%) |
| Vendor | Stoneleigh Forestry Limited Paul Anthony Smithies, New Zealand (63.1%) Grant Keith Baker, New Zealand (31.6%) Stephen John Sinclair, New Zealand (5.3%) |
| Background | The Australasian Timberland Fund II (the Fund) was formed specifically as a vehicle for the purchase of forestry interests in Australasia. The Applicant proposes to acquire the land known as the Stoneleigh Forest which contains a radiata pine forest that was established in 1993. Both the Applicant and the Fund have been established for the purpose of investing in forests in Australia and New Zealand. The objective of the Applicant in making the Investment is to obtain a reasonable return on investment in the business of growing forests on this land. 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 | Richard Pryce Davys Burton PO Box 248 ROTORUA |