Overseas investment decision for case 201110021 - Timbergrow Limited

An overseas investment in sensitive land, being the Applicant's acquisition of:

• a freehold interest in 5,224.2611 hectares of land at Waiau Forest, 708 Waiau Rd, near Tokomaru Bay, Gisborne; and
• a freehold interest in 1,796.2462 hectares of land at West Ho Forest, West Ho and Arakihi Rds, Takapau, Gisborne; and
• a freehold interest in 3,999.5300 hectares of land at Moonlight Forest, Waitangi Rd, Gisborne; and
• a freehold interest in 717.2594 hectares of land at Merriwa Forest, 2796-2798 Puketitiri Rd, Rissington, Hawkes Bay; and
• a freehold interest in 1,143.3844 hectares of land at Tolaga Forest, Tauwhareparae Rd Marunga, Gisborne.

The Applicant is acquiring the property for strategic forestry purposes and intends to carry on the forestry activity previously carried on by the Vendor.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(b) – Indigenous Vegetation/Fauna
17(2)(c) – Trout, salmon, wildlife and game
17(2)(d) – Historic Heritage
17(2)(e) – Walking Access
17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Advance significant government policy or strategy