| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 27 March 2020 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of freehold interests in approximately 729.6718 hectares (total) of Land being:
|
| Consideration | $9,950,000 |
| Applicant | Summit Forests New Zealand Limited Sumitomo Corporation, Japan (100.0%) |
| Vendor | Otangaroa Forest Limited Gary Stuart Leslie, New Zealand (100.0%) |
| 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 a New Zealand based subsidiary of Sumitomo Corporation and owns and manages commercial forestry assets, primarily in Northland. The Land to be acquired comprises parts of three existing commercial forests in Northland known as Baker, Fitzsimmons and Maungataniwha Forests. Approximately 491 hectares of the Land will continue to be stocked in crops of pinus radiata.[1] The remaining approximately 240 hectares of the Land will be retained in native bush (173 hectares) and made up of tracks and infrastructure (20 hectares), unproductive land (20 hectares) and waterways and riparian strips (26 hectares). The Applicant intends to continue to use the Land as a commercial forest and replant the crop of trees following harvest.[1] Noting the stocked area of Maungataniwha Forest will be reduced by 30 hectares to increase tracks, infrastructure and riparian strips. |
| More information | Sachi Haga Sumitomo Australia Pty Ltd Level 21, 101 Collins Street VIC, 3000, Australia |