| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 17 February 2021 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 287 hectares of forestry land at Ngakoroa Road, Gisborne, known as Papakorokoro Forest (the Land). |
| Asset Value | $960,000 |
| Applicant | Forestate Gisborne Holdings 2018 Limited Canada (100%) |
| Vendor | Forestate Gisborne Management Limited Canada (100%) |
| Background | The Land is currently used for forestry purposes by an overseas person, and the Applicant intends to continue to use 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 Papakorokoro Forest. Approximately 240 hectares of the Land is (and will continue to be) exotic forestry planting, with the remainder being infrastructure, bush, streams etc. The Applicant will also maintain any existing arrangements for specified purposes, including a management plan for threatened falcon and bats, and will continue to provide public access through a permit system. The underlying owners of the Applicant are professional foresters from Canada. This is the Applicant’s first investment in New Zealand but its parent group (KDL Group) has extensive forestry interests in Canada. |
| More information | Ellie FitzGerald Woodward Chrisp PO Box 347 GISBORNE |