Applicant
QIC Strategy Timber No.1 Limited
Case number(s)
201420084
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date25 February 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 346 hectares of land at Waimiha Road, Mangapehi.
ConsiderationWithheld under s(9)(2)(b)(ii) of the Official Information Act
ApplicantQIC Strategy Timber No.1 Limited
QIC Limited, Australia (100%)
VendorR.H. Tregoweth Limited
New Zealand (100%)
Background

The Applicant is acquiring the land as a timberland investment and will replant the existing Forest upon harvest.

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 export receipts
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

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 interests

More informationPavanie Edirisuriya/Martin Thomson
DLA Phillips Fox
PO Box 160
AUCKLAND