Overseas investment decision for case 201210056 - Craigmore Forestry Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	26 June 2012
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 511.1326 hectares of land located at 2691 Waimata Valley Road, Gisborne (Makiri Station).
Consideration	$2,000,000
Applicant	Craigmore Forestry Limited New Zealand Public (40.2%) United Kingdom Public (24.64%) United States Public (12.6%) Netherlands Public (11.77%) Various overseas persons (10.79%)
Vendor	Makiri Station Limited New Zealand (100%)
Background	The Applicant intends to convert the majority of the property into forestry plantation. 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)(a)(iv) – Greater efficiencies/productivity 17(2)(a)(v) – Additional investment for development purposes Overseas Investment Regulations 2005 28(a) – Consequential benefits 28(e) – Previous investments 28(f) – Advance significant government policy or strategy 28(g) – Enhance the viability of other investments 28(i) – Economic interests 28(j) – Mitigating factor
More information	Christina Lefever Duncan Cotterill PO Box 5 CHRISTCHURCH