| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 12 October 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 2,625.6835 hectares of land at Pinnacles Forest & Sun Valley Forest, Kaituna, Rotorua (the “Land”). |
| Consideration | $23,000,000 |
| Applicant | Blakely Pacific Limited as trustee of the South Blakely Trust Eddy Family, United States of America (100%) |
| Vendor | Mighty River Power Limited The Crown, New Zealand (51.8%) New Zealand Public (36.7%) United States Public (4%) United Kingdom Public (3.2%) Australian Public (2.7%) Hong Kong Public (0.8%) European Public (0.7%) Various overseas persons (0.1%) |
| Background | The Applicant is acquiring the Land for inclusion in its North Island forestry portfolio and as part of its longer-term goal to increase its overall annual harvest in New Zealand. The Land is currently planted in Pinus Radiata and is in close proximity to some of Blakely's existing commercial forests. The Applicant will operate the forests in conjunction with its adjoining and nearby forests and move a proportion of the forests to a more intensive pruning regime. It also proposes environmental initiatives including a significant commitment to protect and enhance the Kokako habitat located on and around the Land. 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 | Patrick Tapper Simpson Grierson Private Bag 92518 AUCKLAND 1141 |
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