| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 February 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,628.9910 hectares of land at Waiotahi Valley Road, Opotiki. |
| Consideration | $3,037,500 |
| Applicant | Monte Forestry Limited Christian Welte, Switzerland (100.0%) |
| Vendor | Camellia Project Limited as Trustee of the Camellia Trust Richard James Spicer, New Zealand (50.0%) Pearl Janet Butler and Anthony Moore Andrew Ivanson, New Zealand (50.0%) |
| Background | The proposed acquisition will give effect to Mr Welte's investment strategy of establishing a long-term investment in natural resources outside Europe. The Applicant is also intending to acquire an adjoining 432.5534 hectare forestry block (refer Case no. 201020059). Approximately 80% of the previous forest crop on the land and the adjoining forestry block has been harvested and is in a cutover state awaiting development. The tree crops on the remaining 20% of the land are owned by two third parties under forestry rights. These tree crops will be harvested over the next five years and the harvested land will be handed back to the Applicant. The Applicant intends to re-establish and maintain a productive pinus radiata forest on the land and the adjoining land. In total, approximately 1500 hectares of pinus radiata forest will be re-established. Erosion prone and difficult harvesting areas will be allowed to naturally regenerate with native bush. 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 | Chris Spargo Blackman Spargo PO Box 6206 ROTORUA |