Applicant
QIC Strategy Timber No.1 Limited
Case number(s)
201510076
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date12 October 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of:
  • a freehold interest in approximately 989.0367 hectares of land at Braid & Fox Roads, Wyndham (Hillfort Forest); and
  • a freehold interest in approximately 674.6294 hectares of land at 625 Cumming Road, near Lumsden, Southland (Wether Hills Forest).
Consideration$17,000,000
ApplicantQIC Strategy Timber No.1 Limited
QIC Limited, Australia (100%)
VendorCraigpine Timber Limited
Graeme Lewis Sims Black, Australia (32.28%)
Nerissa Margaret Guest, United Kingdom (23.7%)
Quentin John Sims Black, Australia (18.97%)
James Malcolm Ott and Michael John Murray Sidey as trustees of the N M G Black 1980 Settlement Trust, Australia (18.44%)
Empiric Holdings Pty Ltd as trustee of the GLS Black Family Trust, Australia (6.61%)
Background

The Applicant is acquiring an established forest of Pinus Radiata as a timberland investment.

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)(iv) – Greater efficiency
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

More information

Martin Thomson
DLA Piper New Zealand
DX CP 24027
Auckland
Last updated