| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 29 October 2020 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition (through a subsidiary) of a freehold interest in approximately 2,007 hectares of land known as Te Rata Forest located at Tarndale Road, Gisborne (the Land). |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | ACTIF Aquila Capital Timber Investment Fund S.A. SICAV-SIF Germany (100%) |
| Vendor | QIC Strategy Timber No.1 Limited |
| Background | The Applicant is seeking consent to acquire the Land through a subsidiary limited partnership (Te Rata Forestry LP). The Land is currently used for forestry purposes by an overseas person, and the Applicant intends to continue using the Land for forestry purposes (as required by the special forestry test). The Applicant will enter into a forest management agreement with a New Zealand based forestry manager who will manage and operate Te Rata Forest. Approximately 1,018ha of the land is exotic forestry planting. Of the remaining land, approx. 578ha is native bush (subject to a QEII Trust covenant), and 411ha is made up of ancillary uses in support of the forestry operations (i.e. unplanted areas, infrastructure, such as roading). This is the Applicant’s first investment in New Zealand but it has forestry investments in Scotland, Finland and Australia. The Applicant’s wider parent group (Aquila Group) has made more than 20 previous investments under the Act. The underlying owners of the Applicant are primarily German church funds. |
| More information | Karl Anderson Bell Gully PO Box 4199 AUCKLAND 1140 |