| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 1 March 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 329.5456 hectares of land at Baghdad Road, Hampden (“the Land”). |
| Consideration | $3,492,692 |
| Applicant | Blakely Pacific Limited as trustee of the South Blakely Trust Eddy Family, United States of America (100.0%) |
| Vendors | Forests Otago Limited (owner of approximately 83.3045 hectares of Land) Trustees Executors, as trustee for the beneficial owner, the Hampden Forest Partnership (owner of approximately 156.6892 hectares of Land) Trustees Executors, as trustee for the beneficial owner, the Moeraki Forest Partnership (owner of approximately 89.5519 hectares of Land) |
| Background | The Applicant is acquiring the Land for inclusion in its New Zealand 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 directly borders one of Blakely's existing commercial forests (known as “Trotters Forest”). The Applicant will operate the Land in conjunction with Trotters Forest and its other nearby forests which will result in a more efficient and productive forestry operation, particularly by the Applicant utilizing its existing harvesting infrastructure and supply arrangements in the region. The Applicant also proposes environmental initiatives and improved walking access to both the Land and to the adjoining Pigeon Bush Scenic Reserve, which is administered by the Department of Conservation. 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 | Peter Stubbs Simpson Grierson Private Bag 92518 AUCKLAND 1141 |