| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 March 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,149.3972 hectares of land at 3818 & 3335 Western Bay Road, SHW 32 and 17 & 301 Hingarae Road, Lake Taupo. |
| Consideration | CONFIDENTIAL |
| Applicant | GMO Forestry Fund 9, L.P. United States Public (71.0%) United Kingdom Public (20.43%) Canadian Public (4.62%) Hong Kong Public (3.95%) |
| Vendor | Lake Taupo Protection Trust New Zealand (100%) |
| Background | The Applicant proposes to acquire the land which is owned by the Lake Taupo Protection Trust (the vendor), a charitable trust established to protect and improve Lake Taupo's water quality by reducing annual nitrogen discharges entering Lake Taupo by a minimum of 20% by 2020. The Applicant will enter into a Nitrogen Management Deed with the Lake Taupo Protection Trust which requires it (and subsequent owners of the land) to use the land so that is has a nitrogen discharge allowance of 5kg, or less, of nitrogen per hectare per annum for the land for 999 years. The Applicant intends to establish a pinus radiata forest plantation on the land to comply with these requirements. The investment provides a further opportunity for GMORR to invest in timberlands in New Zealand thus expanding its existing New Zealand forestry investments. 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 | Martin Thomson DLA Phillips Fox PO Box 160 AUCKLAND |