Overseas investment decision for case 201110053 - Corisol New Zealand Limited

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

• a freehold interest in 356.9780 hectares of land at Forestry Road, Ashley Downs; and
• a freehold interest in 2,676.5700 hectares of land at Jollies Pass Road & Main Hills & Western Hills, Hanmer Forest; and
• a freehold interest in 6,344.7521 hectares of land at Main Block, Ashley Forest; and
• a freehold interest in 1,956.1800 hectares of land at Mt Thomas Forest; and
• a freehold interest in 5,189.4670 hectares of land at Western, Northern and Eastern blocks, Okuku; and
• a freehold interest in 1,330.3185 hectares of land at Wylies Block, Teviotdale Block & Croft Block, Omihi; and
• a freehold interest in 397.5213 hectares of land at Trig Road, Oxford.

The Vendor is selling the forestry land as it is moving towards a more active investment strategy and more balanced investment portfolio.

The Applicant is purchasing the land based on its long-term investment potential, sustainability of the forest land, and as the first step in a geographical diversification of its investment portfolio.

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)(e) – Walking Access

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(d) – Owner to undertak