| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 | |
|---|---|---|
| Decision Maker | Overseas Investment Office | |
| Decision Date | 17 November 2020 | |
| Pathway(s) | Forestry (Special forestry - One-off purchase) National interest assessment | |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1,932.6970 hectares of land at 357 Summer Hill Road, Hinakura, Masterton / Rocky Hill Road, Te Wharau, Southern Wairarapa. | |
| Consideration | $7,210,000 | |
| Applicant | Norsewood 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 land being acquired is already a commercial forest known as the ‘Rocky Hills Forest’. 739.2 hectares of the land is currently planted in exotic tree crops and an additional 227.1 hectares of planting is expected to be undertaken by the Vendor bringing the total stocked area of land to 966.3 hectares. The Applicant intends to plant a further 290.3 hectares of the Land (currently used for grazing) in pinus radiata. The remaining 676.2 hectares is non-productive land containing reverting bush and scrub or related to unplantable areas, riparian boundaries or infrastructure. The Applicant intends to continue to operate the land as a commercial forest, and replant the crop of trees following harvest. The Applicant will continue to maintain relevant existing arrangements, including public walking access over the land to the Rocky Hills Sanctuary Area. The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest. | |
| More information | Daniel Williams Anderson Lloyd (Auckland) P O Box 399 Shortland Street Auckland 1140 |
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