| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 30 August 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 3,948 hectares of land at located in Marlborough (Northbank and Benhopai Forests). |
| Consideration | $21,000,000 |
| Applicant | Marberry Estate Limited ANZFF3 Limited which is wholly owned by ANZFOF3 NZ Pty Limited which is ultimately owned by The Trust Company (Australia) Limited as trustee for the New Forests Australia New Zealand Forestry Operating Fund 3 which is wholly owned by certain overseas investment funds. The New Forests Australia New Zealand Forestry Operating Fund 3 is managed by New Forests Asset Management Pty Limited. |
| Vendor | SCFNZ Limited Korean Public (97.18%) Various overseas persons (2.82%) |
| Background | The Applicant has applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicant is managed by New Forests Asset Management Pty Limited, an Australian investment fund that specialises in investing in forestry assets. Approximately three quarters of the land is planted in commercial forestry with the remainder being mostly indigenous vegetation. Upon harvest of the existing commercial crop of trees, the Applicant intends to replant the harvested commercial crop with a new crop of trees. The indigenous vegetation will not be harvested. |
| More information | Daniel Williams Anderson Lloyd P O Box 399 Shortland Street Auckland 1140 |
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