| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 09 September 2019 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold and a leasehold interest in approximately 1055.2985 hectares of land at 130 Riverina Road, Ruakituri, Wairoa (the Land).1 |
| Consideration | $7,200,000 |
| Applicant | DI (FH) Johannes Trauttmansdorff-Weinsberg Austria (100%) |
| Vendor | V P & M Read Limited New Zealand (100%) |
| Background | The Applicant has been granted consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The freehold interest in the Land to be acquired is known as Mangaaruhe Station and the leasehold interest, Mangaaruhe West No.2 Block. Together the Land is currently used as a sheep and beef farm. 2 The Applicant will subdivide and sell two dwellings that are not required for forestry activities, and plant approximately 706 hectares as a commercial forest on Mangaaruhe Station. 3 The remainder of the Land includes existing bush and scrub or land unsuitable for planting. The commercial forest is due to be harvested around the year 2046 and replanted following harvest. |
| More information | Catherine Reid
|
1 Note that the acquisition includes a leasehold interest over Māori freehold land expiring in 2025 (with consent to enter a further lease term).