Applicant
QIC Strategy Timber No.1 Limited
Case number(s)
201420039
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date2 February 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 2,007 hectares of land at Tarndale Road, Whatatutu, Gisborne (Te Rata Forest).
Consideration$1,800,000
ApplicantQIC Strategy Timber No.1 Limited
QIC Limited, Australia (100%)
VendorEllmers Family Trustee Limited
New Zealand (100%)
Background

The Applicant was formed recently to undertake investment and funding of timberland and forestry related acquisitions in New Zealand. The Applicant intends to harvest the existing trees and then replant Te Rata forest for the ongoing production of timber.

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 of Jobs
17(2)(a)(iii) – Increased Exports
17(2)(a)(iv) – Greater productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(b) – Key person in a key industry
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(i) – Economic interest

More informationMartin Thomson/Pavanie Edirisuriya
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AUCKLAND