| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 28 February 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 491.2883 hectares of land at 1881 SH2 (South) Wairoa. |
| Consideration | $1,995,250 |
| Applicant | Grandy Lake Forest (NZ) Limited Eberhard Gemmingen, Germany (33.34%) Albrecht Gemmingen, Germany (33.33%) Wolf-Eckart Gemmingen, Germany (33.33%) |
| Vendor | Burnleigh Station Limited Jefferson Brownlee, Christopher Redmond and Maxwell Roswell, New Zealand (98.0%) Judith Mary Redmond, New Zealand (1.0%) Christopher O'neill Redmond, New Zealand (1.0%) |
| Background | The acquisition will be the Applicant's sixth forestry investment in New Zealand. The proposed transaction represents a continuation of the Applicant's investment in New Zealand. The Applicant proposes to establish a pinus radiata forest on the land. There will also be smaller areas of redwood and eucalyptus. The Applicant has identified New Zealand as a globally competitive producer of sustainably grown renewable softwood and has developed world-class forest crops in the North Island's East Coast region. The Applicant seeks to couple its international experience and expertise with its local knowledge and network of contractors and service providers. The Investment is a further step towards developing an overall crop profile consistent with an annual harvest rotation. 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 | Stephen Greer Sainsbury Logan and Williams PO Box 41 NAPIER |