Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
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Decision date | 23 November 2011 |
Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,926.6401 hectares of land (and approximately 55 hectares of leasehold/licence land) at Rewhetu Station located at Waikura Valley Road, East Cape. |
Consideration | $5,000,000 |
Applicant | Monte Forestry Limited Christian Welte, Switzerland (100.0%) |
Vendor | Rewetu Station Limited New Zealand (100.0%) |
Background | The Applicant is combining three adjoining farms into a single forestry and sheep/beef farming operation (refer Case 201120015). The area of forestry on the relevant land will increase in accordance with the objectives of the East Coast Forestry Project which aims to control excessive erosion in the Gisborne Area. 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 | Ian Blackman Blackman Spargo PO Box 6206 ROTORUA |