| Decision |
Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 6 March 2020 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment |
An overseas investment in sensitive land, being the Applicant's acquisition of a forestry right over approximately 7,292.7 hectares of land at State Highway 5, Off Road Highway and Broadlands Road, Taupo District. |
| Consideration | $41,400,000 |
| Applicant |
Zentral 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 Forest Operating Fund 3 which is wholly owned by certain overseas investment funds. The New Forests Australia New Zealand Forest Operating Fund 3 is managed by New Forests Asset Management Pty Limited. |
| Vendor |
Wairakei Pastoral Limited New Zealand (100%) |
| 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 Investment provides the Applicant with forestry rights over a total of approximately 7,292.7 hectares of land, which is part of the wider ‘Wairakei Estate’. The forestry right areas of land are made up of existing mixed-age forestry and land which is no longer required by the Vendor for pastoral farming. Some areas of the existing forest are subject to an existing forestry right and will be handed over to the Applicant as bare land over a period of time. The Applicant will plant these areas as well as the grazing land in pinus radiata. The Applicant will continue to maintain relevant existing arrangements, including public access over the land for access to the hunting blocks on the land. The Applicant intends to harvest the existing crop of trees. After the land is harvested it will be handed back to the Vendor, as the forestry right does not allow the Applicant to replant the harvested crops of trees. |
| More information |
Daniel Williams |
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