Applicant
Forestry Investments Limited
Case number(s)
201210051
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date13 September 2012
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 443 hectares being three properties located near Gisborne located at Kotare Road (Woodend), Tiniroto Road (Pine Farm 47) and Mangaoae Road (Te Karaka), collectively known as the “Three Ridges Forest”.
Consideration$2,491,820
ApplicantForestry Investments Limited
Mary Ellen Marziale, Canada (100%)
VendorRoger Dickie Developments Limited
New Zealand (100%)
Background

The Applicant intends to establish and develop a long term commercial forest to generate carbon credits and timber for both domestic and international markets.

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)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(c) – Affect image, trade or international relations
28(f) – Advance significant government policy or strategy
28(i) – Economic Interests

More informationGordon Wong
Duncan Cotterill
PO Box 10376
WELLINGTON