| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 30 November 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 105.5300 hectares of land at Dun Road, Kaingaroa. |
| Consideration | $837,902 |
| Applicant | Kaingaroa Timberlands President and Fellows of Harvard College, United States of America (60.0%) Guardians of New Zealand Superannuation (40.0%) |
| Vendor | CNI Iwi Holdings Limited New Zealand (100%) |
| Background | The Applicant currently owns certain assets acquired from the Central North Island Forest Partnership including the Kaingaroa Forest and the Kaingaroa Processing Plant (KPP) which is situated on land the subject of the Kaingaroa Headquarters Crown Forestry Licence (KH CFL). The Applicant is the licensee under the KH CFL. The Applicant intends to lease the land on which the KPP is located. This will ensure it is able to continue using the KPP to process stem length radiata pine from the Kaingaroa Forest into a wide range of high value forest products. 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 Regulations 2005 |
| More information | Martin Thomson DLA Phillips Fox (Auckland) PO Box 160 AUCKLAND |